Date: 2019-07-09

Central Bank of Nigeria (CBN) on Monday said that many Nigerians are unable to access loans from commercial banks because they cannot distinguish between working and fixed capital.

The apex bank added that many Nigerians also cannot access its many initiatives as they don't have bank accounts.

Director, Corporate Communications Department of CBN, Isaac Okorafor said this in Ilorin, the Kwara state capital at a-two day fair organized by the bank.

The theme of the fair is "promoting sustainable economic development in the country."

Mr. Okorafor revealed that many bank customers did not know their rights. He added that "some of the commercial banks allegedly make illegal deductions from their accounts."

Represented by Assistant Director in the department and National Coordinator of the fair, Samuel Okegbue. Mr. Okorafor added that CBN had returned billions of Naira to customers from illegal deductions by commercial banks.

He attributed the proliferation of dirty and mutilated Naira notes in circulation to poor and improper handling of the national currency, which he described as "the nation's pride."

Said he: "The fair is to sensitise our people on how to take records of what they have, as this will enable them know how to organize their businesses well. CBN is poised to make policies that are people's focused. CBN is monitoring to make sure that bank's customers do not get unwarranted charges from their banks.

"We want to have a detailed discussion about development finance initiatives of CBN. Many Nigerians do not know how to access initiatives as they don't have bank accounts."

He said that before the introduction of the Anchor Borrowers scheme to Nigerian farmers the country was importing over one billion Dollars worth of rice annually.

"By importing rice into the country we were sending our hard-earned money outside the country to improve the economies of others. By that time the exchange rate of the Naira also crashed.

"Today, the exchange rate has remained relatively stable in the last three years. When the exchange rate is stable, businesses can thrive. That stability makes businesses to have confidence. These are the things CBN has been doing," Mr. Okorafor added.