Nigerian Policy Rate Increase Also Greater than One Percentage Point
September 27, 2022
The policy interest rate of the Central Bank of Nigeria was hiked by 150 basis points to 15.5%, the highest level in over a decade and a half. The rate had been reduced by 200 basis points in 2020. Three increases this year since May total 400 basis points. CPI inflation of 20.5% last month was the most in 203 months and has exceeded target for over seven years. With over 206 million people, Nigeria is Africa’s most populous country and has its largest GDP, which in the first half of this year was 3.3% greater in real terms than in 1H 2021.
Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Central Bank of Nigeria
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