The Central Bank of Nigeria has raised interest rates to 14 percent.
This new development comes almost two months after the top bank raised interest rates to 13 percent.
This was announced by Apex Bank Governor Godwin Emefiele after the committee meeting at CBN headquarters in Abuja.
The governor of Apex Bank said the rate hike would help tame rising inflation.
In related news, Within Nigeria had previously reported that the ruling All Progressives Congress (APC) national leader, Bola Ahmed Tinubu, had urged the federal government and the Central Bank of Nigeria (CBN) to take advantage of the economic dislocations caused by the COVID-19 Pandemic created to lower interest rate.
In a statement titled “The Case Against High Interest Rates in Time of Contagion: The Time is Now-Correct The Interest Rate,” released yesterday, Tinubu said the economic fallout from the pandemic is the best and most pressing argument for a Revision of CBNs could represent high yield policy.
