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    April will see 2nd Instalment of Summer Kids Marathon

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      April will see 2nd Instalment of Summer Kids Marathon

      April will see 2nd Instalment of Summer Kids Marathon

      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      BCF Aims to Resuscitate Chess this Year

      BCF Aims to Resuscitate Chess this Year

      Tebogo’s Move to US on Hold

      “Don’t Panic,” Tebogo is advised as He Transits to Senior Level

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      Central Bank of Nigeria delivers an outsized 100bp rate hike

      mm by RMB Africa Research
      January 25, 2023
      in News
      Reading Time: 1 min read
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      Central Bank of Nigeria delivers an outsized 100bp rate hike

      Nigeria interest rate and CPI y/y (%), Source: ETM Analytics, Bloomberg

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      The Central Bank of Nigeria delivered an outsized rate hike yesterday, raising the country’s key interest rate by 100bp to 17.5 percent.

      The Monetary Policy Committee’s (MPC) voting pattern was very hawkish, with seven of the twelve members voting for the 100bp hike, four members for a 50bp hike, and only one member for a 150bp hike. According to CBN Governor Godwin Emefiele, the aggressive hike was crucial as inflation has still been running hot, and therefore, a higher interest rate is necessary to rein in inflation.

      While the annual inflation rate fell to 21.3 percent in December, the core measure, which reflects underlying price pressures, and month-on-month price growth, accelerated at the back end of 2022. Overall, the latest inflation data and central bank decision show that inflationary pressures in Nigeria have not eased sufficiently for the MPC to change its hawkish stance.

      Tags: Central Bank of NigeriaGovernor Godwin Emefiele

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