Sovereign Analysis /
Nigeria

Nigerian central bank surprises with symbolic 150bps rate hike

  • The surprise rate hike shows a renewed focus on inflation but is largely symbolic, given the weak transmission mechanism

  • The mix of an overvalued exchange rate, CRR as the main policy tool and development financing is likely to continue

  • The fallout from Governor Emefiele’s abandoned presidential run could be the best hope for an orthodox policy shift

Nigerian central bank surprises with symbolic 150bps rate hike
Patrick Curran
Patrick Curran

Senior Economist

Contributors
Janet Ogabi
Ayobami Omole
Tellimer Research
24 May 2022
Published byTellimer Research

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