Published 09/24/2024 3:43:45 p.m.

Naira slumps massively against dollar in response to CBN’s interest rate hike - Nigeria News Update

The Central Bank of Nigeria increased the Monetary Policy Rate to address ongoing inflationary pressures, particularly from rising core inflation due to energy price hikes.
The bank expressed concern over persistent inflation, noting that core inflation remains high despite some moderation in headline inflation.
The Central Bank emphasized the need for collaboration with fiscal authorities to manage liquidity and curb excessive government spending, aiming to stabilize Nigeria’s banking sector.

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