By Milcah Tanimu
In a significant move, the Monetary Policy Committee of the Central Bank of Nigeria has announced a substantial increase in the benchmark interest rate, now standing at a record 22.75%.
This decision, following closely on the heels of predictions by financial analysts, marks a notable shift in monetary policy. Analysts had foreseen such a rate hike at the conclusion of Tuesday’s meeting and anticipated consequential decisions regarding banks’ capital requirements and liquidity ratios.
The meeting, slated to span from Monday through Tuesday, promises further insights into the rationale behind these adjustments.
Stay tuned for more updates as details emerge…