Nigerian MPC raises rates as inflation reaches highest level since 2005
Governor says inflation is gathering pace and next year’s election is increasing sovereign risk
The Central Bank of Nigeria’s monetary policy committee raised its policy rate again as inflation reached its highest level in 17 years.
The MPC ordered a 150 basis point increase in its monetary policy rate on September 27, to 15.5%, its third increase since May, when the rate was 11.5%. Official year-on-year inflation reached 20.52% in August, the highest rate since 2005, well above the CBN’s inflation target range of 6–9%.
CBN governor Godwin Emefiele said the committee “was concerned that
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