STORY: Nigeria's central bank raises interest rate to 24.75 pct
SHOOTING TIME: March 26, 2024
DATELINE: March 28, 2024
LENGTH: 00:00:56
LOCATION: Abuja
CATEGORY: ECONOMY

SHOTLIST:
1. various of Abuja
2. various of aerial shots of the Central Bank of Nigeria
3. various of Abuja
4. various of the meeting attended by Yemi Cardoso
5. SOUNDBITE (English): YEMI CARDOSO, Governor of Central Bank of Nigeria

STORYLINE:

The Central Bank of Nigeria (CBN) on Tuesday further raised the monetary policy rate by 200 basis points to 24.75 percent amid rising inflation in the most populous African country.
   
The move, made barely one month after it raised the interest rate to 22.75 percent, was in consideration of the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability, CBN Governor Yemi Cardoso, who chairs the Monetary Policy Committee, told the media at the end of a meeting in the capital of Abuja.
   
SOUNDBITE (English): YEMI CARDOSO, Governor of Central Bank of Nigeria
"Members (of the monetary policy committee) noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of logistics and distribution. The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures."
   
The decision to raise interest rates is expected to have wide-ranging implications across various sectors of the economy, a local expert told Xinhua in an earlier interview.
   
Nigeria's headline inflation soared from 29.90 percent to 31.70 percent in February due to a continuous surge in food prices, according to the latest data by the National Bureau of Statistics.

Xinhua News Agency correspondents reporting from Abuja.
(XHTV)