Nigeria’s double-digit interest rate will soon come under the Senate’s hammer.

The upper legislative chamber plans to meet with Nigeria’s apex bank, the Central Bank of Nigeria, this week to consider how the rates could come down.

“It is likely that we will debate it this week,” the president of the Senate Bukola Saraki said during an interactive session with journalists on Sunday in Ilorin.

According to him, the high interest rate is not good for the economy as the nation eases out of recession and targets growth.

“This week we will debate it, have a round table discussion with the Central Bank of Nigeria and other commercial banks and talk frankly to ourselves,” he said.

According to Saraki, it is not fair for the banking sector to be making astronomical profit while companies lose money and retrench workers.

“Hopefully, with the stability of the foreign exchange, we can now begin to address the issue of interest rate.

“There is no business that can make money if you are borrowing at 28%, it cannot work,” Saraki added.

He also said that the Senate would engage financial institutions to arrive at an affordable interest rate, adding, "if they refuse, the Senate may come up with legislation to peg the interest rate."