The Nigeria interest rate is higher than 15 percent in Nigeria and that's scary

The Nigerian Central bank reported in April that the interest rate is 16.82 percent, however, we believe that it is much higher than that since the buying power of the Naira has reduced drastically when compared to the mighty dollar.

It now costs N600 to buy $1dollar and it may get worse by the end of the year. Also, the cost of goods in Nigeria has risen a lot.

The price of a bag of rice, beans, bread, and cooking ingredients has risen and it affecting many poor Nigerians.

If the interest rate continues to rise, it will cause a recession and the Nigeria economy will suffer some more.

More to come on how inflation is affecting Nigeria. To read more about inflation, check out this page. 

Inflation