The Central Bank of Nigeria has raised the interest rate to 14 percent.
This new development is coming barely two months after the apex bank raised the interest rate to 13 percent.
This was disclosed by the governor of the apex bank, Godwin Emefiele, after the committee’s meeting at the CBN headquarters in Abuja.
The governor of the apex bank said the hike in interest rate would help tame rising inflation.
In a related news, WITHIN NIGERIA had earlier reported that the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has called on the Federal Government and the Central Bank of Nigeria (CBN) to take advantage of the economic dislocations created by the COVID-19 pandemic to lower interest rate.
In a statement entitled: “The Case Against High Interest Rates in Time of Contagion: The time is Now-Correct The Interest Rate’ issued yesterday, Tinubu said the economic fallout from the pandemic might present the best, most pressing case for revising the CBN’s high interest rate policy.