As per reports, the Central Bank of Nigeria raised interest rates for the sixth time in 2024, to curb surging inflation and support the Nigerian currency.

Governor Olayemi Cardoso announced on Tuesday (26 November) that the monetary policy committee decided to lift the benchmark lending rate to 27.50 percent from 27.25 percent. The Monetary Policy Committee (MPC) of the bank stated that its unanimous decision was aimed at maintaining price stability.