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 Golden Surge on the Horizon: UBS Predicts a 10% Leap Amid Rate Cut Speculations READ MORE Gold at Two-Week Low, Copper Below $9,000/t READ MORE Revisiting the 2024 Gold Price Predictions READ MORE Gold Prices Ease After Record Surge Amid Middle East Strife READ MORE Jamie Dimon: Premature Rate Cuts Could Trigger Inflation Rebound READ MORE Add a Comment Cancel replyYour email address will not be published.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