Nigerians are feeling the pinch of rising prices, and the Central Bank is taking decisive action. Governor Dr. Olayemi Cardoso reaffirmed the Monetary Policy Committee's (MPC) commitment to keeping interest rates high to combat inflation. This comes after two significant interest rate hikes in 2024, pushing the benchmark lending rate to a record 24.75%.
The Central Bank of Nigeria has overhauled its cash-handling rules, lifting deposit limits and increasing weekly withdrawal thresholds to N500,000 for individuals and N5 million for corporates.