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Business Maverick: Nigeria Hikes Key Rate to Three-Year High With More to Come

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Nigeria’s central bank increased its key interest rate at successive meetings for the first time in more than a decade and signaled even higher borrowing costs, escalating its response to curb accelerating inflation.

The monetary policy committee voted to hike the rate by 100 basis points to 14%, Governor Godwin Emefiele said in a televised briefing in the capital, Abuja, on Tuesday. Four of eight economists in a Bloomberg survey forecast an increase — with only two predicting that margin. The last time the MPC hiked at two consecutive meetings was in 2011.

, Emefiele said. The committee expressed its resolve to “restore price stability, while providing the necessary support to strengthen our fragile economy,” he said.of 18.6% in June and has exceeded the 9% ceiling of the central bank’s target band for seven years. The MPC’s decision to hike was unanimous, with six members voting to raise by 100 basis points, three by 50 basis points and one each calling for increases of 75 and 150 basis points.

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