The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has admitted challenges faced by bank customers following the limit on cash withdrawals and apologized for the deluge of online transaction failures in the country.

The CBN governor said this as the Monetary Policy Committee of the apex bank resolved to raise the Monetary Policy Rate otherwise known as interest rate by 50 basis points to 18 percent from 17.5 percent.

Emefiele said the apex bank would sustain the current monetary tightening regime following the continued rise in headline inflation which poses significant risks to the economy.