Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says interest rates will moderate over time as ongoing economic reforms deepen, expressing optimism that commercial banks will expand lending to small and medium enterprises (SMEs).
Cardoso spoke on Wednesday during a fireside chat with Ngozi Okonjo-Iweala, director-general (DG) of the World Trade Organisation (WTO), at the seventh Africa Emerging Markets Forum in Abuja.
Responding to concerns over access to finance for SMEs, the CBN governor acknowledged that high borrowing costs remain a challenge but described them as a temporary consequence of reforms aimed at restoring macroeconomic stability.
“Interest rates are high. Exchange rates have moderated and are stable,” Cardoso said.
“Into the future, my expectation is that over time, interest rates will begin to moderate. Over time, they will begin to moderate.
“It’s a price, unfortunately, we are having to pay because of
