Experts decry crippling effects of rising interest rates

Experts have warned that Nigeria’s spiralling interest rates, now well above 20 per cent are worsening poverty and crippling access to credit for small-scale entrepreneurs and farmers, further threatening the fragile economy.

The Central Bank of Nigeria’s aggressive monetary tightening, with the Monetary Policy Rate now at 24.75 per cent, has led to commercial lending rates ranging between 28 per cent and 35 per cent, making it nearly…