Nigeria's Inflation Response: Interest Rate Hike to 24.75%

Nigeria's Inflation Response: Interest Rate Hike to 24.75%

In an aggressive move to combat rising inflation, the Central Bank of Nigeria (CBN) has raised its monetary policy rate by 200 basis points, setting it at 24.75%, up from 22.75%. This decision, made by CBN Governor Olayemi Cardoso at the 294th Monetary Policy Committee meeting in Abuja, is a hefty 2% increase in an effort to stabilise the…

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