Citing fresh inflationary pressures in the most populous country in Africa, Nigeria’s central bank increased its benchmark lending rate by 25 basis points to 27.50% on Tuesday.
This year, the bank’s Monetary Policy Committee has raised interest rates six times in a row.
As Nigerians deal with the worst cost-of-living crisis in decades, inflation increased for the second consecutive month in October, reaching 33.88% in annual terms.
Laptops 1000Olayemi Cardoso, the governor of the central bank, stated that the cost of food and energy were the main causes of the inflation increase.
He stated at a press conference that “Members therefore agreed unanimously to remain focused on addressing price developments.”
According to Cardoso, the central bank is dedicated to the “war” against inflation and believes that the first quarter of 2025 will see the most noticeable effects of its policy tightening.
