Nigeria's central bank hikes interest rate to 26.75 pct

ABUJA, July 23 (Xinhua) -- Nigeria's central bank on Tuesday further raised the monetary policy rate by 50 basis points to 26.75 percent to tame the stubborn inflation in the most populous African country.

The move, which came two months after the interest rate was raised to 26.25 percent, was taken in consideration of the effect of rising prices on households and local businesses, and was one of the "necessary measures" to bring inflation under control, said Yemi Cardoso, governor of the Central Bank of Nigeria, who also chairs the Monetary Policy Committee.