Nigeria Zinssatz

The central bank of Nigeria raised its key monetary policy rate by 200bps to a fresh record high of 24.75% on March 26th 2024, in line with market forecasts, in an attempt to bring inflation under control. It follows a 400bps increase in the previous meeting, the biggest rise in borrowing costs in 17 years. Policymakers said they are convinced to continue with the tightening cycle. The annual inflation rate soared to a fresh 1996-high of 31.7% in February, mainly due to the effects of oil subsidy removal and devaluation of the naira.