Central Bank of Nigeria

More Pessimism

May 24, 2023

The possibility of a U.S. debt default next month persists. Central Bank interest rates were raised today by 125 basis points in Iceland, 50 bps in Nigeria, and 25 bps  in New Zealand. Europe’s largest economy has “suffered a setback” according to the May German business climate index compiled by the IFO Institute. Inflation according […] More

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 […] More

Directionless Tuesday Evokes a Hazy Shade of Winter

January 24, 2023

Many markets in Asia including China, Taiwan, Hong Kong, Malaysia, South Korea, Vietnam and Singapore remained closed for the Lunar New Year holiday. Equities closed down 0.4% in the Philippines, 0.2% in Indonesia, and unchanged in India but up by 0.4% in Australia and 1.5% in Japan. Stock markets in Europe are currently unchanged in […] More

Dollar and Sovereign Debt Yields Lower, while Equities Rebound

November 22, 2022

The dollar  fell overnight  by 0.8% against the Swiss franc, 0.5% versus the yen and sterling and 0.3% relative to the euro, Aussie dollar and loonie. Ten-year sovereign debt yields dropped six basis points in the U.S., four bps in the U.K. but just a basis point in Germany. The DOW and S&P 500 are […] More

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 […] More