Nigeria’s central bank raised interest rates to curb inflation on a day when thousands of people protested the government’s handling of the economy.
Inflation has reached almost 30% and millions of people are struggling to buy food.
Last year, President Bola Tinubu ended heavy subsidies, causing fuel prices to triple. He also devalued Nigeria’s currency, the naira, causing import prices to rise.
These reforms caused widespread outrage.
Nigeria’s Minister of Finance, Wale Edun, told the media that the people must be patient as the measure will benefit the Nigerian economy over time.