Central Bank of Nigeria

January 24, 2023

In Nigeria where consumer price inflation of 21.3% last month was not far below November’s 17-year high of 21.5%, officials at the central bank raised their policy interest rate by another full percentage point to 17.5% at their first scheduled review of 2023. The rate had been at 11.5% from July 2020 until a 150-basis point hike in May 2022. Three more hikes followed last year of 100 bps in July, 150 bps in September and 100 bps in November. As has been the case in many economies, higher interest rates to combat inflation has started to depress economic growth in Africa’s largest economy.

Copyright 2023, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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