The Central Bank of Nigeria has retained its benchmark interest rate at 26.5 per cent as it continues efforts to control inflation, support the naira and maintain economic stability.
But what does the high interest rate mean for Nigerians?
In this explainer, we look at how the CBN’s decision affects businesses, borrowers, savers, investors and consumers, including the impact of expensive credit on small businesses and manufacturers.
We also examine the relationship between interest rates, inflation, the naira, private sector credit and economic growth, and what Nigerians could expect as the CBN maintains its tight monetary policy stance.
Watch the full explainer to understand what the 26.5 per cent interest rate means for you and the wider Nigerian economy.
Credit to our Media Partner DailyTrust .
