Nigeria's central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa's most populous nation.

The Central Bank of Nigeria raised interest rates for the sixth straight time this year, intensifying its quest to curb surging inflation and support the battered naira.

The Central Bank of Nigeria's Monetary Policy Committee has raised the country’s interest rate by 25 basis points to 27.50 percent in November from 27.25

Nigeria's central bank raised its key interest rate for the sixth time this year on Tuesday, citing renewed inflationary and exchange rate pressures in Africa's most populous nation. The decision to raise the Monetary Policy Rate by 25 basis points to 27.