The Chief Executive Officers (CEOs) of banks in the country have declared through Central Bank of Nigeria (CBN), of their preference for high interest rate rather than the depreciation of the naira.

The Director, Credit Risk Management, Kemi Fatobi, representing Lamido Sanusi, the CBN Governor, made this statement at the 13^th Annual General Meeting (AGM)/National Conference of Risk Managers Association of Nigeria (RMAN) held in Lagos, said that the preference was in response to the question directed to the CEO of Banks at the Bankers’ Committee Meeting concerning the instrument they would want the CBN to initiate.

Lamido Sanusi speaking through his representative at the meeting clarifies the high interest rates, informing the risk managers that there were no practical evidence that lowering interest would enhance the kind of lending that is expected for real sector growth.

He also declared that the apex bank was extremely committed to protecting the economy through continued maintenance of tight monetary stand

He further explained that the tightening measures were adopted to defend naira, create price stability and build reserves.

He reveals however that the banking system is on the move to set up unified biometric data base to enable every bank in the country to have records of every banking customer.