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(11) As a result of factors relating to the risk premium, exchange rate and expected exchange rate, global and domestic interest rates do not necessarily move entirely in pace with one another.
The maximum yield on 266-day bills fell to 16.43%, while the minimum registered at 16.199%, averaging 16.378%, against 17.93%, 17.882%, and 16.378%, respectively, in the last similar auction before the CBE cut interest rates.
Interest rate was as low as 5 percent few years back and it has now risen to over 12 percent.
Currently, banks are offering FD interest rates in the range of 5.5 per cent to 7.5 per cent (depending upon the tenor).
The formation of the Cabinet headed by Prime Minister Saad Hariri was one of the important factors that induced some of the banks to reconsider their policy of hiking interest rates.
The responses revealed that while many of the respondents favoured lower interest rates for the Nigerian economy, many more had no idea whether it should rise or fall.
Consumer interest rates that might be affected
But this year, with inflation rising and peso falling, the volatility of interest rates affects about 30 percent of the PSE Index's movement.
Although the risk-adjusted simple rule allows the central bank to achieve its inflation target, the economy nonetheless encounters the ELB with greater frequency at lower levels of average interest rates, and economic performance is worse.
Yet another factor influencing real interest rates is population growth.
The main categories of interest rates on loans to non-financial corporations also registered decreases.

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