If you are a Nigerian searching for a quick infusion of cash to meet costs or expand, looking into the Central Bank of Nigeria’s low-interest rates may be the way to go to avoid paying excessive interest to loan sharks or commercial banks.
The Central Bank of Nigeria has a series of low-interest loans aimed at spurring economic growth in Nigeria. However, to battle inflation, the apex bank was forced to raise its intervention interest rate.
The central bank raised the interest rate on all intervention loans from 5% to 9%, beginning July 20, 2022. This means that industries like agriculture, power, and aviation, which have benefited from trillions of dollars in central bank intervention money, would have to pay.