Central bank of the year: Central Bank of Nigeria
A return to policy orthodoxy under new leadership at the African central bank helped to bring Nigeria’s economy back from the brink
Nigeria’s economy was in a serious hole by 2023. Economic stagnation and a weakened currency had resulted in the nation declining from being the largest economy in Africa by GDP in 2014 to the fourth largest behind South Africa, Egypt and Algeria. Inflation, meanwhile, had risen from around 15.4% in November 2021 to 22.4% and net foreign exchange reserves were depleted, despite the imposition of significant currency controls.
Notably, the central bank had reportedly failed to honour a backlog of
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