Global credit rating agency, Fitch Ratings has projected that the Central Bank of Nigeria (CBN) would further raise interest rates in the second half of the year 2024.
This projection was contained in the ratings firm’s recent credit outlook report for Nigeria, which noted that as a result of recent changes to the monetary system and the oil and gas industry, the nation’s sovereign credit default outlook was upgraded from stable to positive.
The apex bank had raised the interest rate by 200 basis points from 22.75 per cent to 24.75 percent amid soaring inflation.
