CBN announces new interest rate Nigerian banks can charge customers

• The CBN has announced that it has increased the benchmark interest rate by 24.75%
• This shows a 200 basis point from the earlier 22.7% it announced in the previous meeting
• Economists have said the new rate is contractionary as it is supposed to help curb inflation

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) raised the benchmark interest rate by 200 basis points to 24.75%.

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