Nigeria tightens policy further as inflation continues to rise
Central bank raises rates by 25bp as annual headline inflation exceeds 33%
The Central Bank of Nigeria yesterday (November 26) raised its policy rate by another 25 basis points to 27.5%.
The bank’s monetary policy committee (MPC) also announced that it was maintaining the reserve ratios at 50% for depository institutions and 16% for merchant banks. The liquidity ratio would remain at 30%.
Over the past year, the Nigerian authorities have implemented a series of economic reforms, including devaluations of the currency to bring the official exchange rate into line with its
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