The Central Bank of Nigeria (CBN) just announced a rise in interest rates to 26.25%. This means it will be more expensive to borrow money. They did this to try and control inflation, which is the rising cost of goods and services.
The Governor of the CBN, Mr. Cardoso, explained that even though inflation seems to be slowing down a little bit, food prices are still a big problem. This is because of several reasons, like expensive transportation for farm products, not-so-great infrastructure for getting food around the country, and security issues in some areas where food is grown.
By raising interest rates, the CBN hopes to make people spend less money, which will slow down inflation and hopefully make things more affordable for Nigerians.