Nigeria raises policy rate by 100bp
MPC cites external tightening and conflict as sources of rising inflation
The Central Bank of Nigeria ordered a 100 basis point increase in the policy rate on July 19 to 14%, its highest level since early 2019. The increase was the second in a row, after a 150bp hike at the May monetary policy meeting.
Although the CBN’s 11-member monetary policy committee unanimously favoured increasing the policy rate, it split on the size of the increase. A bare majority of six backed the 100bp option, while four favoured smaller increases. An eleventh member took the most hawkish
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