Nigeria's central bank unexpectedly raised its benchmark lending rate by 50 basis points to 27.25% on Tuesday in a unanimous decision to tame persistent inflationary pressures, bank governor Olayemi Cardoso said.

The Central Bank of Nigeria has announced reorganizing Keystone Bank Limited's board of directors, which is a key step toward improving the bank's governance

Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.

Nigeria's central bank has once again raised its benchmark lending rate by 50 basis points to 27.25%, marking its fifth rate hike this year. The move, which surprised analysts, aims to combat persistent inflation.

Nigeria’s central bank surprised the market on Tuesday by raising its benchmark lending rate by 50 basis points to 27.25%. This is the fifth rate hike of the year and reflects the bank’s ongoing battle against inflationary pressures,

The Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, has raised the interest rate by 50 basis points to 27.25 percent, the fifth hike since February 2024. CBN Governor Olayemi Cardoso disclosed this during a press briefing at the end of 297th MPC in Abuja on Tuesday.