Nigeria’s central bank reacts as inflation peaks at 33.69% in 28 years, hiking the benchmark rate to 26.25%.

Nigeria’s central bank reacts as inflation peaks at 33.69% in 28 years, hiking the benchmark rate to 26.25%.

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.

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Following 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.

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