Nigeria: Long-overdue rate hike is a major step in the right direction

  • The CBN hiked its policy rate by 400bps to 22.75%, corresponding to real rate of -7.15% ex-post and +2.75% ex-ante

  • Tighter policy will help support NGN but weak transmission mechanism means it must be followed by complementary measures

  • Equities look cheap and eurobonds look fairly valued with outperformance contingent on ongoing revival of reform efforts

February 27th, 2024
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