Nigerian MPC continues tightening

Official figures show slight rise in inflation as pressure on currency continues

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

The Central Bank of Nigeria’s (CBN) monetary policy committee raised rates for the seventh consecutive time on May 24, continuing its year-long tightening cycle.

The MPC voted for a 50 basis point increase, to 18.5%. All 11 participating committee members backed an increase, though one of the 11 favoured a 25bp rise.

Since last May, it has raised the policy rate by seven percentage points. After five increases of either 100bp or 150bp, policy-makers eased up starting with the March 2023

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