ABUJA, March 26 (Xinhua) -- Nigeria's central bank on Tuesday further raised the monetary policy rate by 200 basis points to 24.75 percent amid rising inflation in the most populous African country.
The move, made barely one month after it raised the interest rate to 22.75 percent, was in consideration of the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability, Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), who chairs the Monetary Policy Committee, told the media at the end of a meeting in the capital of Abuja.
