CBN Increases Interest Rate To 15.5,%

The Central Bank of Nigeria (CBN) has raised interest rates to 15.5%, blaming the prevailing inflation rate.

CBN Governor Godwin Emefiele who stated this in Abuja on Tuesday, said that the current inflation rate has risen to 20.5 per cent in Nigeria.

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Recall that the Central Bank of Nigeria (CBN) two months ago in on Tuesday, Tuesday 19 raised the lending rate from 13 percent to 14 percent, citing increased inflationary pressure brought about by the Russia-Ukraine war.

Emefiele believes the need to correct financial imbalances in the economy is key through increments in interest rates.

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