Nigeria’s Central Bank increases interest rates as part of efforts to mitigate soaring inflation

Amid widespread protests against the government’s economic policies, Nigeria’s Central Bank has opted to increase interest rates as part of efforts to mitigate soaring inflation.

With inflation nearing 30%, the cost of living has become increasingly burdensome for millions, particularly regarding food affordability.

President Bola Tinubu’s decision to eliminate a costly subsidy and devalue the national currency, the naira, last year has sparked considerable discontent.

The resulting tripling of fuel prices and inflationary pressures have fueled public outrage.

Nigeria’s Finance Minister, Wale Edun, emphasized the necessity of patience, asserting that these reforms will ultimately yield positive economic outcomes for the nation.