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The Central Bank of Nigeria raised interest rates for the sixth straight time this year, intensifying its quest to curb surging inflation and support the battered naira.
Governor Olayemi Cardoso told reporters in Abuja, the capital, on Tuesday that the monetary policy committee decided to lift the benchmark rate by 25 basis points to 27.
The hike was less than the median estimate of six economists surveyed by Bloomberg who had expected a half-point hike.
It also narrows the gap between the benchmark rate and inflation, which had widened after price pressures rose last month. That thwarted Cardoso’s efforts to push real, inflation-adjusted interest rates, toward positive territory. — Bloomberg
Bongani Ndlovu