CBN raises interest rate to 18 per cent

The Central Bank of Nigeria (CBN), on Tuesday, increased benchmark interest rate on borrowing to 18 per cent.

Godwin Emefiele, the governor of the Bank, said the two-day meeting of its ‘monetary policy committee resolved to adjust the rate, as a way of tackling persisting inflation and other issues affecting the economy.

TheCornet reports that Nigeria has raised the interest rates frequently since April 2022.

 

Details later…