Many Nigerians have been struggling with rising living costs for months. Just a few weeks ago, the Central Bank of Nigeria,{CBN} jerked up interest rate to 24.75 percent In a bid curb inflation and stabilise the foreign exchange market rate.
But some experts say this effort might further hurt the economy. Inflation in the country is at its highest in twenty years and the economy seem to be running out of breath just as authorities try to find solutions.
Gist Nigeria takes a look at the CBN’s banking sector recapitalization plan and what the interest rate hike would mean for you and the economy.
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