Nigerian central bank raises rates for third consecutive time

MPC says tight policy is starting to work but calls for more action on food security

Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

The Central Bank of Nigeria’s monetary policy committee voted to raise interest rates for the third consecutive time on May 21.

The MPC raised the benchmark rate by 150 basis points to 26.5%, its smallest hike of the current cycle. It hiked the rate by 400 basis points on February 27 and by 200bp on March 26.

Nigeria’s official inflation rate rose marginally in April to 33.7% year-on-year, from 33.2% in March, having risen every month since January 2022.  The MPC’s statement said Nigeria was still

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