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Nigeria’s central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis
The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa’s largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced that its main monetary policy rate would rise to 24.75% from 22.75%, in its second consecutive hike after February’s 400 basis point increase. Governor Olayemi Cardoso told a press conference that policymakers believed they need to continue tightening in order to tame runaway inflation, according to Reuters. David Omojomolo, Africa economist at Capital Economics, said the latest move was “further evidence ... (full story)