Detrimental consequences of CBN raising interest rate to 27.25%, by Abubakar M. Kareto The Central Bank of Nigeria's decision to raise the interest rate to 27.25% will have far-reaching and detrimental consequences for the nation's economy, which is already facing significant challenges. This move will discourage businesses from accessing credit to expand production and create jobs, thereby perpetuating economic stagnation. READ ALSO: Nigeria's interest rate jumps to 27.25% as CBN raises MPR Furthermore, the interest rate hike's effectiveness in addressing inflation will be compromised by the continued decline in the naira's value, resulting in...