Nigeria’s central bank increased interest rates by 200 bps to 24.75%, marking the second hike in recent weeks. This move comes in response to inflation pressures and the significant devaluation of the naira, which has lost about 67% of its value following policy changes by President Tinubu aimed at attracting investors. Recent efforts have seen a narrowing of the gap between official and unofficial naira values and the clearance of USD 7 bln in FX obligations, contributing to the naira’s stabilization.