Macro Analysis /
Nigeria

Central Bank of Nigeria makes dovish shift and affirms FX unification

  • CBN decides unanimously to hold rates versus split decision in March (with 3 of 9 voting to hike)

  • Drop in inflation and weak growth numbers informed shift, with CBN continuing to prioritise growth and FX stability

  • CBN likely to hold rates through year-end but may continue backdoor tightening; official FX rate also unified with Nafex

Central Bank of Nigeria makes dovish shift and affirms FX unification
Patrick Curran
Tellimer Research
25 May 2021
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