Nigerian central bank governor Chukwuma Soludo’s recent measures show how market-friendly reform in Africa is being reversed in the face of the financial crisis.
Last month, Soludo added bank interest rate ceilings to his new foreign exchange controls. Banks will now be fined if they offer deposit rates of more than 15% and charge lending rates of more than 22%. Persistent offenders will have their access to foreign exchange cut off and their chief executives suspended.
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