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Inflation fight in centre stage at CBN

The Central Bank of Nigeria followed up May’s 150bp interest rate hike with a 100bp increase in the benchmark rate today, to 14.00%, as worries about inflation continued to mount. We now expect a 50bp hike at the next MPC meeting, although with inflation then likely to peak, concerns about weak growth will probably prompt policymakers to bring the tightening cycle to an end.

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