The Economy of Nigeria is already dying and now our Central bank - TopicsExpress

The Economy of Nigeria is already dying and now our Central bank wants to kill it completely, just got this message: UPWARD REVIEW OF INTEREST RATE ON FACILITY Thank you for banking with us. We write to inform you of the recent increase of the Cash Reserve Requirement on Public Sector funds from 12% to 50% by the Monetary Policy Committee of the Central Bank of Nigeria. This recent upward review has reduced liquidity in the financial market and has ultimately led to increase in the cost of funding within the financial system. As a result of this, it is imperative that the bank reviews its interest rates in response to market dynamics. Please be informed that the interest rate on your loan facility or facilities will be reviewed upwards by 200 basis points (2.00%p.a) with effect fromAugust 13, 2013. We thank you for your patronage and wish to assure you of our continued support and commitment to a mutually beneficial relationship. For further enquiries, please contact your Relationship Management Team. Yours faithfully, For: Guaranty Trust Bank plc.

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