Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Posted on September 28, 2022
In Africa, Black market exchange rate, Central Bank of Nigeria, inflation rate, monetary policy committee, monetary policy rate, MPC, naira depreciation, naira exchange rate

Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in inflation.” The rate increase came just […]
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