Nigeria and Morocco raise rates

Central Bank of Morocco, Rabat
The Bank al-Mahgrib

Nigeria and Morocco’s central banks both raised their policy rates by 50 basis points on March 21.

Morocco: At its first monetary policy meeting of 2023, the Bank Al-Maghrib raised its policy rate by 50 basis points, to 3%.

This was the third consecutive quarterly meeting where there was a 50bp increase.

“Inflation continues to accelerate, notably under the effect of internal supply shocks on certain food products,” the board said. Year-on-year inflation in Morocco reached a record level of

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