Nigeria raises interest rates amid cost-of-living protests

Nigeria’s Central Bank has raised interest rates in an effort to curb inflation on a day when thousands of people have been protesting against the government’s handling of the economy.

Inflation has reached almost 30%, leaving many millions struggling to afford food.

Last year, President Bola Tinubu scrapped a costly subsidy causing the price of fuel to triple. He also devalued the Nigerian currency – the naira – prompting a hike in the price of imports.

Those reforms have led to widespread anger.

Nigeria’s finance minister Wale Edun told the BBC that people needed to be patient as the measures would in time benefit Nigeria’s economy.

Source: BBC

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