CBN’s Interest Rate Hike Will Trigger Massive Unemployment, Hardship-Expert

The Central Bank of Nigeria (CBN) raised rates by 400 basis points to 22.75 per cent on Tuesday as it searches for a soft landing for the struggling economy, but experts are warning of dire consequences.

With staggering inflation at 29.9 per cent, the 12 members of the Monetary Policy Committee unanimously agreed to tighten the monetary policy rate by raising it from the 18.75 per cent which it was since the last meeting in 2023.

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