From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has raised the interest rate to 24.75 per cent from 22.75 per cent.

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The CBN governor, Olayemi Cardoso disclosed this at a press briefing held after the apex bank’s
Monetary Policy Committee (MPC) meeting on Tuesday.

The new interest rate moved from the 22.75 per cent announced by the MPC about a month ago, indicating a second rare increase by the committee in two months.