Nigerian central bank surprises with another rate hike

  • The Central Bank of Nigeria hiked by 100bps to 14% amid a continued rise in inflation, which reached 18.6% yoy in June

  • There has also been a recent rise in market yields, which could begin to tamp down on demand-side pressures

  • However, structural impediments to policymaking will remain until the removal of Governor Emefiele (term ends May 2024)
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