The Monetary Policy Committee of the Central Bank Of Nigeria has raised the interest rate benchmark to 26.25%, in an effort to combat rising inflation.
The decision was made after a two-day meeting, and is expected to have a significant impact on the economy.
The CBN governor, Dr. Olayemi Cardoso, believes that the measures being taken are producing the right results, and that the economy will begin to show positive signs in the coming months.
