The Central Bank of Nigeria (CBN) has unexpectedly raised its benchmark lending rate by 50 basis points to 27.25% on Tuesday in a unanimous decision to tame persistent inflationary pressures. The move wrongfooted analysts who had expected rates to stay on hold and indicates the bank is prioritizing inflation control over economic growth amid the worst cost-of-living crisis in a generation. It is the fifth rate hike this year, after increases of 50 basis points (bps) in July, 150 bps in May, 200 bps in March and 400 bps in…
Read MoreCBN Hikes Interest Rate For Fifth Time In 2024 To 27.25%
