Nigeria’s Central Bank Hikes Benchmark Rate to 27.25% as Inflationary Pressures Persist

• MPC raises benchmark interest rate to 27.25%, bucking expectations
• Inflation concerns cited despite recent moderation in headline figures

Abuja, Nigeria – The Central Bank of Nigeria (CBN) surprised markets by raising its benchmark interest rate to 27.25%, citing ongoing inflationary pressures. Central Bank Governor Olayemi Cardoso announced that 11 of the 12 members of the Monetary Policy Committee (MPC) voted unanimously for the rate hike during the meeting on September 24 in Abuja.