Economy: CBN Raises Interest Rate to 20%

By Abigail Iyade


The Central Bank of Nigeria (CBN) has raised its benchmark interest rate to 20%, the highest in decades, in response to rising inflation and naira volatility. 


Governor Olayemi Cardoso explained that the move aims to stabilize the currency and curb excessive liquidity in the economy.  


While analysts expect borrowing costs to increase for businesses and households, the policy could help restore investor confidence and attract foreign capital. 


Critics argue that higher rates may slow economic growth and worsen unemployment.  


The decision underscores Nigeria’s delicate balancing act between fighting inflation and sustaining economic expansion.  


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