Nigeria’s central bank hiked interest rates by 4%, as trade unions protested over soaring food and fuel prices that have increased hardship in Africa’s biggest economy. Its governor said the rise was needed to arrest inflation, which has soared to its highest in almost three decades. Inflation has been spurred by bold but unpopular reforms implemented by President Bola Tinubu in his first year in charge, including ending a costly fuel subsidy and devaluing the local naira currency twice. Tinubu has defended those reforms, saying they were needed to boost growth and attract investment, but they have prompted public anger.

Source : CNBC Africa