CBN admits increase in interest rate to 27.75% painful for borrowers

The Central Bank of Nigeria (CBN) on Monday admitted that the increase in the interest rate to 27.25% was “painful” for borrowers.

The apex bank however stressed that the decision was necessary to reduce excess money in circulation and control inflation effectively.

This clarification followed strong opposition from critical stakeholders in the economy who kicked against the CBN’s decision to raise the interest rate again.

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