STORY: Nigeria's central bank hikes interest rate to 26.75 pct
SHOOTING TIME: July 23, 2024
DATELINE: July 25, 2024
LENGTH: 0:01:30
LOCATION: Abuja
CATEGORY: ECONOMY

SHOTLIST:
1. various of Nigeria's central bank
2. various of street views
4. various of the monetary policy meeting
2. SOUNDBITE (English): YEMI CARDOSO, Governor of the Central Bank of Nigeria

STORYLINE:

Nigeria's central bank on Tuesday further raised the monetary policy rate by 50 basis points to 26.75 percent to tame the stubborn inflation in the most populous African country.

The move, which came two months after the interest rate was raised to 26.25 percent, was taken in consideration of the effect of rising prices on households and local businesses, and was one of the "necessary measures" to bring inflation under control, said Yemi Cardoso, governor of the Central Bank of Nigeria, who also chairs the Monetary Policy Committee.

SOUNDBITE (English): YEMI CARDOSO, Governor of the Central Bank of Nigeria
"In its consideration, the committee noted the persistence of food inflation, which continues to undermine price stability. It was observed that while monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development."
   
Since the beginning of the year, the Nigerian apex bank has consistently raised the interest rate, as one of the measures to rein in the country's persistent inflation rate, which rose to 34.19 percent in June. This measure has been criticized by some local experts who warned that the interest rate hike may "create a stagnant or sluggish economy for the country."

Xinhua News Agency correspondents reporting from Abuja.
(XHTV)