Nigeria’s Central Bank Raises Interest Rates

Add a Comment 195 Views
1 Min Read
Protesters in Abuja.

Mediaage NG News – ABUJA, Nigeria

In an effort to curb inflation, Nigeria’s Central Bank (CBN) has raised interest rates on a day thousands of protesters against government’s handling of the economy is taking place.

Many Nigerians are struggling to feed, as inflation reached almost 30 percent.

- Advertisement -
Ad image

It grew from worse to worst since President Bola Tinubu scrapped a costly subsidy causing the price of fuel to triple. He also devalued the Nigerian currency – the naira – prompting a hike in the price of imports.

His reforms have led to widespread anger.

He has however, pleaded that Nigerians should be patient as the measures would in time benefit the country’s economy.

Share This Article
Leave a comment