₦airaland Forum

Every time CBN talks about MPR, it just reminds me that borrowing money in this country is like climbing Mount Everest without shoes. 27.5% ke? Omo, that’s high o!

First of all, as a salary earner, this means banks will not reduce loan interest rates anytime soon. If I want to take a loan to start a small side hustle, I’ll be thinking twice because by the time I finish paying back, I might as well have been working just to settle the bank. How person wan take grow like this?

For businesses, especially small ones, this is not funny. Imagine a tailor or a shop owner who needs money to buy more materials or stock up for the next season—where will they see affordable credit? No be every business fit rely on "family and friends loan" o. Some of us need banks, but with these rates, borrowing will just kill profit before the business even starts.

And inflation? They say it has "reduced" to 24.48%, but abeg, where? Because the way food prices are rising ehn, it doesn’t feel like inflation is dropping. If anything, market women are increasing prices every day, and they’ll tell you it’s because of dollar rate, fuel price, and everything else. So, whether inflation goes up or down on paper, my own reality is that ₦10,000 no dey last again.

The only tiny good news in this whole thing is that savings might give better returns. But let’s be honest—how many people even get enough money to save in this economy? Most of us are just managing to survive.

At the end of the day, this decision is just another proof that the economy is not designed to favor the average Nigerian. The rich people with big investments can cope, but for the rest of us? We go just dey look.

CBN, abeg, do something for the common man. No be everybody get soft landing. 🚶🏾‍♂️

News Source: https://financialtelescope.com/how-nigerias-interest-rate-freeze-affects-your-wallet-and-business/

Cardoso help us oooo

If u want to enjoy Nigeria...get ur first 50million.

If u are a young man out there,don't ever rush to get marry.

Start early so as to avoid being a victim. The economic society is gradually creating two classes of people,the victims and the responsibles.

If u don't take care of ur financial future,u will end up a victim by a stroke of govt policies.

Just like the writer opined,that the rich has enough money to invest.

The way Nigeria is going,both the previous govt and the present have created more poor people than any govt in our history and their policies have no human face therefore,be wise.

Ensure ur financial life is in order before u marry or decide to take up bigger responsibilities.

Good luck.

BillAckman:
Cardoso help us oooo

long time. Hope you fine