“CBN Lifts Lending Suspension on Banks, Sets Interest Rate at 31.75%”
The Central Bank of Nigeria (CBN) has lifted the suspension on lending to banks and set the interest rate at 31.75%. This decision was announced on August 24, 2024, by Okafor Joseph. The lifting of the suspension allows banks to resume borrowing from the CBN, which is expected to have significant implications for liquidity in the banking sector.
The new interest rate of 31.75% reflects the CBN’s monetary policy stance, likely aimed at curbing inflationary pressures or stabilizing the naira. The move is part of broader efforts by the CBN to manage the economy and ensure financial stability.
