Nigeria central bank raised its benchmark interest rate by 50 bps to 18.5%, marking the third consecutive hike this year and propelling borrowing costs to their highest since the monetary policy rate’s inception in 2006. This action was motivated by persistent inflationary risks and a further inflation surge in April. Nigeria’s economic growth slowed to 2.31% YoY in Q1 2023, partially due to a cash crunch experienced throughout the quarter.