Nigeria central bank raises main interest rate to 17.5%
A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde
Nigerians will head to the polls on Feb. 25 to choose a successor to President Muhammadu Buhari and the state of the economy is a major issue for voters grappling with double-digit inflation.for the first time in 11 months in December to 21.34%, compared with 21.47% in November. Some analysts had expected the central bank to hold rates steady, after it raised them by 500 basis points last year to combat inflation, which is at its highest in nearly two decades.
The central bank has set a Jan. 31 deadline to withdraw high value naira bank notes, part of measures to tighten money supply and rein in inflation.
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