Nigeria’s central bank raised its key interest rate to 26.25% from 24.75%. Governor Cardoso emphasized that the move was necessary to address persistent inflationary pressures and support the weakening naira. This rate hike marks a substantial increase of 1,475 bps since May 2022. Nigeria faces rampant inflation at 33.7%, exacerbated by recent hikes in electricity tariffs, rising transport costs, and significant currency depreciation.