Nigerian central bank strikes orthodox tone but larger policy overhaul is needed

  • The CBN hiked its policy rate by 150bps to 15.5% vs. expectations of a 50bps hike and raised its CRR by 500bps to 32.5%

  • Governor Emefiele struck a relatively hawkish/orthodox tone after long subordinating the price stability mandate

  • Transmission mechanism still weak and no hint of shift in distortionary FX policy, so larger policy overhaul is needed

September 28th, 2022
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