Nigerian central bank cuts rates despite rising inflation

Central Bank of Nigeria
The Central Bank of Nigeria
Godwin Paya

The Nigerian central bank’s monetary policy committee (MPC) voted to cut its main policy rate by 100 basis points on September 22, despite rising inflation.

The MPC has lowered rates on just one other occasion this year, as policy-makers attempt to deal with both a fall in output and rising prices.

Nigerian policy-makers are coming under increasing pressure. Trade unions have voted for a general strike and there is continued confusion over exchange rate policy.

The International Monetary Fund

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