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Nigeria’s central bank delivers sixth rate hike this year - REUTERS
BY Chijioke Ohuocha and Elisha Bala-Gbogbo
ABUJA, Nov 26 (Reuters) – Nigeria’s central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa’s most populous nation.
The decision by the bank’s Monetary Policy Committee is the sixth consecutive rate hike this year.
Inflation rose for the second straight month to 33.88% in annual terms in October as Nigerian citizens grapple with the worst cost-of-living crisis in decades.
Central Bank of Nigeria Governor Olayemi Cardoso said food and energy prices were key contributors to the uptick in inflation.
“Members therefore agreed unanimously to remain focused in addressing price developments,” he told a news conference.
Cardoso said the central bank was committed to the “war” against inflation and said the bank thought results of its policy tightening would be more visible in the first quarter of 2025.
(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha in Abuja; Additional reporting by MacDonald Dzirutwe in Lagos, Bate Felix in Dakar and Bhargav Acharya in Johannesburg; Editing by Alexander Winning)
