Nigeria: Symbolic rate hike does little amid mounting controversy

  • The CBN hiked by 100bps to 17.5% (+50bps expected), but hike is purely symbolic amid breakdown of transmission mechanism

  • Controversy over CBN's monetisation and Governor Emefiele's role in lending programmes could have policy implications

  • Hope that there could be a positive policy shift post-election, but only if Emefiele is removed; retain Buy on eurobonds
January 24th, 2023
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