Nigerian central bank raises interest rate to over 26 pct

ABUJA, May 21 (Xinhua) -- Nigeria's central bank on Tuesday raised the benchmark interest rate to 26.25 percent from 24.75 percent, in a move to combat the country's persistent inflation.

This latest hike marks a continuation of Nigeria's aggressive monetary tightening strategy aimed at stabilizing the economy. It is the third consecutive one this year to raise the baseline interest rate known as the monetary po