Interest Rate As A Determining Factor In The Growth Of Savings And Investment In Nigeria: (a Case Study Of Union Bank Of Nigeria Plc.)

ABSTRACT The introduction of interest rate was first abolished during the medieval time and was legal in 1545 by King Henry VIII who abolished the usury laws and was later condemned.  The central Bank of Nigeria later introduced interest rate deregulation into the monetary system, which was a part of the structural adjustment program (SAP) announced by the Head of State in July 1986.  Interest rate world over, is the price of capital and constitute a return on capital for the lender or saver and ca therefore be used for several purposes including the reduction of inflation, promotion of capita…