Following the simultaneous increase in interest rates, the World Bank Group on Thursday warned the Central Bank of Nigeria (CBN) and other central banks around the world of the possibility of a worldwide economic recession. The CBN hiked the benchmark interest rate from 13.5 percent to 14 percent at its most recent Monetary Policy Committee (MPC) meeting in July in Abuja.
The decline comes amid ongoing concerns that China won’t recover quickly from Covid-related shutdowns and cascading US inflation threatens a recession in the world’s largest economy.
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