Nigeria: Hawkish shift continues with another surprise rate hike

  • The CBN hiked its policy rate by 100bps today to 16.5%, above median projection for 75bps hike on Bloomberg

  • Brings cumulative hikes to 500bps, but real policy rate is still -4.6% (but less negative on forward-looking basis)

  • Transmission mechanism is improving but remains weak, with monetary policy normalisation and FX liberalisation needed
November 22nd, 2022
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