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    Tanzania’s president dismisses foreign, information ministers

    Tanzania’s general election risks becoming ‘devoid of legitimacy,’ Amnesty In’tl warns

    South African minister and MPs cleared of corruption

    South African minister cites “positive vibes” on AGOA

    Uganda sets general election for January 15

    Uganda sets general election for January 15

    What is South Africa up against in leading a new military force in the DRC?

    M23 rebels loot $70 million worth of gold from Congo mine since May, company says

    Nigeria deploys 4 Technical Aid Corps volunteers to Sierra Leone

    Nigeria deploys 4 Technical Aid Corps volunteers to Sierra Leone

    Ethiopia rebels inflict ”heavy casualties’ on federal forces

    Ethiopia rebels inflict ”heavy casualties’ on federal forces

    Nigeria’s 2023 Election and the Dilemma of a Vice President

    Nigeria’s ex-VP to lead ECOWAS team to monitor Côte d’Ivoire poll

    Cameroon threatens prosecution against coup speculators

    Cameroon awaits results amid high tension and rival victory claims

    Nigeria: #FreeNnamdiKanu Protests kick off in Abuja

    Nigeria: #FreeNnamdiKanu Protests kick off in Abuja

  • Analysis
    • All
    • Climate Change
    • Digital & Tech
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    • Energy & Power
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    Five Years After the Coup in Mali: Are Stability and Growth Within Reach?

    Five Years After the Coup in Mali: Are Stability and Growth Within Reach?

    Olduvai Gorge, a significant paleoanthropological site in Tanzania

    Olduvai Gorge, a significant paleoanthropological site in Tanzania

    Cameroon President Paul Biya marks 41 years in power

    Paul Biya at 92: will defections weaken his grip on absolute power in Cameroon?

    The arrest of Ansaru terror leaders marks a strategic change for Nigeria: What could happen next?

    The arrest of Ansaru terror leaders marks a strategic change for Nigeria: What could happen next?

    Key issues for voters in Malawi’s 2025 elections

    Key issues for voters in Malawi’s 2025 elections

    India’s trade charm push targets East Africa

    How India-Africa Partnerships Are Transforming Global Trade

    DR Congo, M23 rebels pledge in Qatar to reach peace deal next month

    DRC’s latest peace deal is breaking down: what’s being done wrong?

    Ethiopia’s emergency medical response system and what other countries can learn from it

    Ethiopia’s emergency medical response system and what other countries can learn from it

    From Sunlight to Opportunity: Africa’s Solar Energy Revolution

    From Sunlight to Opportunity: Africa’s Solar Energy Revolution

  • Studies
    One in three South Africans have never heard of AI: what this means for policy

    One in three South Africans have never heard of AI: what this means for policy

    Social Media as a Catalyst for the Spread of Dangerous Wealth Ritual Myths

    Social Media as a Catalyst for the Spread of Dangerous Wealth Ritual Myths

    Overcoming Education Barriers for Young Mothers in Sub-Saharan Africa

    Overcoming Education Barriers for Young Mothers in Sub-Saharan Africa

    Youth Empowerment Through Vocational Training in Rural Sub-Saharan Africa

    Youth Empowerment Through Vocational Training in Rural Sub-Saharan Africa

    Manufacturers in Ghana and Nigeria claim that although corruption damages businesses, digital technologies provide a chance to combat it

    Manufacturers in Ghana and Nigeria claim that although corruption damages businesses, digital technologies provide a chance to combat it

    Environmental Threats and Conservation Efforts in Namibia

    Environmental Threats and Conservation Efforts in Namibia

    Your teachers’ level of knowledge affects how well you perform in class: perspectives from 14 French-speaking African nations

    Your teachers’ level of knowledge affects how well you perform in class: perspectives from 14 French-speaking African nations

    Islamic Finance in Nigeria: Between Islamization and Shariah Non-Compliance Polemics

    Islamic Finance in Nigeria: Between Islamization and Shariah Non-Compliance Polemics

    What determines a return to civilian rule after military coups in Africa?

    What determines a return to civilian rule after military coups in Africa?

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    Ex-Credit Suisse chief executive Tidjane Thiam eyeing Ivory Coast 2025 presidential contest

    Tidjane Thiam, Ivorian businessman and politician

    South Africa uneasy about safety of citizens on Gaza aid flotilla

    South Africa uneasy about safety of citizens on Gaza aid flotilla

    François (Ngarta) Tombalbaye (1918-1975): First President of Chad

    François (Ngarta) Tombalbaye (1918-1975): First President of Chad

    Apollo Milton Obote (1925-2005): Former President of Uganda

    Apollo Milton Obote (1925-2005): Former President of Uganda

    David Dacko (1930-2003): The first President of the Central African Republic

    David Dacko (1930-2003): The first President of the Central African Republic

    Senegal buys belongings of former leader Senghor after deal with auctioneer, heir

    Léopold Sédar Senghor (1906-2001): Senegal’s former president, cultural theorist, and poet

    Former Nigerian President Obasanjo calls for collective responsibility for country’s development

    Olusegun Obasanjo: Former Nigeria’s military ruler (1976-1979) and president (1999-2007)

    Wangari Maathai (1940-2011): Kenyan social, environmental, and political activist

    Wangari Maathai (1940-2011): Kenyan social, environmental, and political activist

    Steve Biko (1946-1977): South Africa’s anti-apartheid activist and voice of Black liberation

    Steve Biko (1946-1977): South Africa’s anti-apartheid activist and voice of Black liberation

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    Kano, an ancient city in northern Nigeria

    Kano, an ancient city in northern Nigeria

    Agadez, historic city in Niger

    Agadez, historic city in Niger

    Namib Sand Sea, Namibia

    Namib Sand Sea, Namibia

    Kunta Kinteh Island, Gambia

    Kunta Kinteh Island, Gambia

    Isimila Stone Age site, Tanzania

    Isimila Stone Age site, Tanzania

    Rock-Hewn Churches, Lalibela, Ethiopia

    Rock-Hewn Churches, Lalibela, Ethiopia

    Koutammakou, the Land of the Batammariba, Togo

    Koutammakou, the Land of the Batammariba, Togo

    Okavango Delta, Botswana

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Nigeria central bank delivers another big hike, third this year

May 21, 2024
Nigeria’s President appoints investigator to probe central bank

FILE PHOTO: A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde

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Nigeria’s central bank delivered another big interest rate hike on Tuesday, responding to a continued rise in inflation which hit a 28-year high in April.

Central Bank of Nigeria Governor Olayemi Cardoso said the bank’s Monetary Policy Committee (MPC) was faced with a decision to either raise or hold rates while it observed the impact of previous hikes, but opted for an increase in the interests of price stability.

The Monetary Policy Rate was increased by 150 basis points (bps) to 26.25%, the third rate increase this year after hikes of 200 bps in March and 400 bps in February.

“The balance of risks suggests further tightening of policy to build on the benefits from previous hikes,” Cardoso told a news conference.

Economists had widely predicted another hike given soaring inflation and the highly volatile naira currency.

“A bold policy move was required to bring Nigeria’s real rates closer to positive territory and halt the naira’s decline,” said Danny Greeff, an analyst at ETM Analytics.

Inflation reached 33.69% year-on-year in April – a level not seen since mid-1996 – spurred by the government slashing petrol and electricity subsidies and twice devaluing the naira since President Bola Tinubu took over last year.

The central bank has more work to do to rein in price pressures and there could be more rate hikes to come, analysts said.

Read also

Tanzania’s general election risks becoming ‘devoid of legitimacy,’ Amnesty In’tl warns

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The International Monetary Fund has welcomed the central bank’s previous hikes and called for decisions to be data-driven.

Cardoso has pledged to curb inflation, support the naira and depart from the unorthodox policies of his predecessor who blurred the lines between monetary and fiscal policy with direct interventions to try to lift economic growth.

The government is also struggling to lift output from its crucial oil sector and keep a lid on rampant insecurity that has left swathes of the country outside its control.

The central bank’s next rate-setting meeting is scheduled for July.

Source: Reuters
Tags: Central Bank of NigeriaNigeriaOlayemi Cardoso

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