Regina Daniels Reacts After Her Husband Ned Spoke On Bank Interest Rate During Senators Meeting

The popular Nigerian actress, Regina Daniels Nwoko has reacted after her husband, Senator Prince Ned Nwoko spoke on bank interest rate during Senators meeting.

According to Senator Prince Ned Nwoko, he said as an expert in the banking sector, I have always been concerned about interest rates in Nigeria, the charges and even the banking deposits rates is about 5 to 6 percent, then the lending rates is about 20 to maybe 23 percent and he has always wondered why the government is not able to make interest late to a level that is possible for consumers in Nigeria to borrow money, but when you go to other nation, you will see that their lending rate is between 1 to 5 percent, so everybody can prosper and borrow to buy whatever they want to buy whether it’s for vehicle or whatever.

Ned Nwoko added that in Nigeria, the consumers are left with the charges of the bank, and they make huge profits at the end of the day is there no possibilities, that government cannot insure that bank interest rate is maintained to minimum for the interest of consumers.

After Regina Daniels saw what her husband said during the senators meeting, she posted the video on her Instagram page, reacted and said my ears and note pads are filled with so many things that my husband strongly believes can change the living standard of Nigerian citizens.

She said, this is one of the issues citizens are facing in Nigeria. Banking interest rates are exorbitant and prohibitive. As long as it remains like this, the economy can not improve. People must be able to borrow from banks to sort out their needs such as growing your business, medical bills, tuition fees, even holidays. Just imagine, if you give your money to a bank as a savings deposit, they will pay you about 5 percent interest on your deposit. But if you are borrowing, you pay them about 23 percent interest Which is almost 5 time’s difference and it is totally unfair to the People.

Regina added that People should be able to borrow to finance their needs and pay back to the banks without the burden of excessive charges.By so doing, there is circulation of money in the country which will in turn improve the living standards of the people. What are your thoughts on this?

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