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The Governor of the Central Bank of Nigeria , Yemi Cardoso has attributed the rising high interest rates to the excessive ₦27 trillion loan facility issued to the Federal Government.
He noted that the CBN is aware of the adverse effects of these loan facilities and is working to prevent future occurrences. “Sadly, we have a situation where a lot of money supply went into the system. We all saw ways and means soared to N27 trillion. We saw interventions of N10.5 trillion. It has its consequences. In large respect, that is what we are paying for now,” Cardoso added.Speaking on the volatility of the Naira, Cardoso explained the measures taken to stabilize the currency since assuming leadership.
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