To combat high inflation and a plummeting currency, Nigeria's central bank has hiked interest rates to 24.75%. Despite a recent modest improvement, the naira still remains weakened compared to the dollar. The bank's members had varying views on the inflation drivers, leading to a wide range of proposed rate increases. The bank intends to continue tightening and prioritizes tackling inflation over economic growth concerns. Further hikes are expected in May and July before the tightening cycle concludes.
