The Central Bank of Nigeria has retained its benchmark interest rate at 26.5 per cent as part of efforts to control inflation, support the naira and maintain economic stability. An explainer examines the implications of the high interest rate for Nigerians, including businesses, borrowers, savers, investors and consumers. It also looks at how expensive credit affects small businesses and manufacturers, and the relationship between interest rates, inflation, the naira, private sector credit and economic growth. The explainer provides insight into what Nigerians could expect as the CBN maintains its tight monetary policy stance.
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