Olayemi Cardoso, the Central Bank of Nigeria Governor has said the Monetary Policy Committee raised the country’s interest to 27.25 percent to curb inflation.
He described the decision to raise interest rates as a necessary move to control inflation and curb excess money in circulation.
“Our decision to raise the Monetary Policy Rate to 27.
25 percent was a bold move.
Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.
Though inflation had declined twice in recent months, the prices of goods and services have remained high...
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