Nigerian MPC raises rates as inflation reaches highest level since 2005

Governor says inflation is gathering pace and next year’s election is increasing sovereign risk

Godwin Emefiele
Godwin Emefiele
Photo: IMF

The Central Bank of Nigeria’s monetary policy committee raised its policy rate again as inflation reached its highest level in 17 years.

The MPC ordered a 150 basis point increase in its monetary policy rate on September 27, to 15.5%, its third increase since May, when the rate was 11.5%. Official year-on-year inflation reached 20.52% in August, the highest rate since 2005, well above the CBN’s inflation target range of 6–9%.

CBN governor Godwin Emefiele said the committee “was concerned that

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