The Central Bank Of Nigeria in a circular dated 17th August, 2022 to all banks and other financial institutions informed the general public of the increase and readjustment of interest rate from 5 percent to 9 percent.

The announcement released by the Financial And Regulations Department of the bank further said that the revised rate shall be implemented on all intervention facilities granted from 20th July, 2022 and all intervention facilities granted prior to 20th July, 2022 would have the revised interest rate implemented on 1st September, 2022.

It would be recalled that the apex bank reduced interest rates from 9 percent to 5 percent as part of measures to mitigate against the impact of COVID 19 on the economy and also extended the period till the announcement last week.

 

Bello Akinkunmi Yakub