Nigeria's Central Bank Raises Interest Rate to Tackle Inflation The Central Bank of Nigeria has increased its key interest rate by 200 basis points to 24.75%, aiming to combat the country’s severe inflation and currency devaluation. Following a 400 basis point hike in February, this marks the second consecutive increase, underscoring the central bank’s aggressive approach to inflation, which stood at 31.7% year-on-year in February. Governor Olayemi Cardoso emphasized the necessity of this action to manage inflation expectations and support the naira, which has shown some recovery after a significant drop. Experts anticipate further hikes but expect the policy to stabilize towards the year’s end. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Declining Confidence in Credit Card Repayment Among Americans READ MORE US Labor Market Shows Signs of Cooling as Hiring Pace Moderates READ MORE U.S. Business Activity Slows to Four-Month Low; Mixed Inflation Signals Emerge READ MORE India Grants RBI Levy-Free Gold Imports READ MORE Palladium Falls Below Platinum as Auto Industry Shifts Preferences READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment