Nigeria: Symbolic rate hike does little amid mounting controversy
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The CBN hiked by 100bps to 17.5% (+50bps expected), but hike is purely symbolic amid breakdown of transmission mechanism
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Controversy over CBN's monetisation and Governor Emefiele's role in lending programmes could have policy implications
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Hope that there could be a positive policy shift post-election, but only if Emefiele is removed; retain Buy on eurobonds
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.