In a move announced on Tuesday, Nigeria’s central bank increased its benchmark lending rate by 150 basis points, to 26.25% from 24.75%.
Given that the local naira currency has been extremely volatile and inflation has continued to surge, analysts had largely projected another raise.
Laptops 1000Following increases of 200 basis points in March and 400 basis points in February, this decision is the third rate increase of the year.
April saw a 28-year high of 33.69% year-over-year in inflation driven by the government’s two devaluations of the naira and reduction in gasoline and energy subsidies.
