Bank’s High Interest Rate Affecting Business Negatively – Akinsulire

Banking

Managing Director of Safe
Associates and member of the
Governing Council of Institute of
Chartered Accountant of Nigeria
(ICAN), Chief Oye Akinsulire
speaks with OKUNADE
ADEKUNLE on high interest rate
of financial banks, Nigeria foreign
exchange and other issues of concern.
Excerpts
How would you assess the interest
rate charge by financial institutions,
most especially microfinance banks?
What is the average interest rate in United
State, 4.75% in United Kingdom it is also
the same but in Nigeria it is almost 30%. In
Singapore they are planning for a mortgage
facility which you are required to produce 2%
the interest they charge is very minimal. After
some years you can dispose the property and
apply for another bigger one considering your
status and they

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