Higher interest rate painful for borrowers but necessary to control inflation – Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described the decision to raise the Monetary Policy Rate (MPR) to 27.25 percent as a bold move. According to him, higher interest rates, “while painful for borrowers, are necessary to curb excess money in circulation and control inflation.” He noted that leadership is [...]

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