Sam Philip
Central Bank of Nigeria(CBN) has announced a hike in the bank interest rate to 27.25 percent.
Olayemi Cardoso, Governor, CBN announced this on Tuesday after a two-day Monetary Policy Committee(MPC) meeting.
Addressing newsmen, the governor of the apex bank, who headed the MPC, stated that the decision was arrived at to arrest inflation in the nation’s economy.
It’s expected that the new rate would achieve the goal of the MPC.