CBN Raises Interest Rate To 14%

The Central Bank of Nigeria, on Tuesday, raised the interest rate to 14 per cent. The new interest rate comes barely two months after the apex bank raised the interest rate to 13 per cent. 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.