CBN Hikes Interest Rate to 27.5%: What It Means for Your Finances

Understanding the Impact of CBN’s Interest Rate Increase to 27.5%

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate to 27.5%, marking a significant hike.

This decision comes as part of efforts to combat inflation and stabilize the economy, which has faced increasing pressure from rising costs.

The move is expected to impact lending rates and the overall financial environment in the country, adding to the challenges for businesses and consumers alike.