Nigeria raises rates as inflation continues to rise
Central bank plans to maintain tight policy as food prices prove particularly challenging
The Central Bank of Nigeria (CBN) raised its key interest rate by 50 basis points to 26.75% yesterday (July 23) as inflation in the country continued to tick up.
The CBN has raised the monetary policy rate steadily this year, and cumulatively by 800bp since January.
The governor, Olayemi Cardoso, said the bank would “stay on course with its tightening cycle in view of the urgent need to address inflationary pressures”.
Year-on-year inflation hit 34.19% in June, up from 33.95% in May.
Cardoso
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