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