CBN raises interest rates amid cost-of-living protests

www.greatachievermagazine.com.ng 6:37 AM ECONOMY,

Nigeria's Central Bank has raised interest rates in an effort to curb inflation on a day when thousands of people have been protesting against the government's handling of the economy.

Inflation has reached almost 30%, leaving many millions struggling to afford food.

Last year, President Bola Tinubu scrapped a costly subsidy causing the price of fuel to triple. He also devalued the Nigerian currency - the naira - prompting a hike in the price of imports.

Those reforms have led to widespread anger.

Nigeria's finance minister Wale Edun told the BBC that people needed to be patient as the measures would in time benefit Nigeria's economy.

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Great Achiever Magazine was established in 1996 as a specialized publication. The magazine showcases people of great accomplishments and their contributions to societal development; historic and memorable events; and general interest news. The magazine was first published in 1996, and has consistently made its mark in the core area of educating, informing and entertaining the reading public through its successive editions. From time to time, the magazine, through special edition, commemorates Award ceremony organized in honour of distinguished personalities of impeccable character and great accomplishments; people who have attained great heights in their professions and businesses; people whose outstanding achievements and contributions to societal development are sources of inspiration to the present and future generations. The magazine has also added to its stable biographical book series, with the publication of WHO’S WHO in the society. Yomi Ogunsanu Publisher/Editor-in-Chief