Nigerian central bank hikes rates after long delay

Governor’s first MPC meeting announces 400bp rise as street protests over inflation grow

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

The Central Bank of Nigeria (CBN) has raised rates for the first time in almost eight months, after the country’s senate confirmed seven new members of the monetary policy committee (MPC). 

The MPC hiked the benchmark rate by 400 basis points to 22.75% on February 27. This was the first increase since Olayemi Cardoso took over as governor in September, despite rising inflation and a rapidly depreciating currency.

Inflation rose to 29.9% year on year in January according to official figures, up

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