The biggest policy change over the past month came from Nigeria, where the Central Bank unexpectedly hiked its key interest rate from 11.00% to 12.00%. This move partially reversed the Bank’s rate cut last year, and may signal a return to more orthodox policymaking (Nigeria faces a wide current account deficit and rising inflation). The central bank governor has, however, continued to rule out removing the country’s controversial and damaging FX controls. We believe that such a move is inevitable, but the timing of the decision remains difficult to predict.
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