Nigeria: Rates on hold, Emefiele doubles down

The Central Bank of Nigeria kept its key interest rate on hold today, while its embattled governor reiterated his support for controversial FX policies in the face of growing criticism. An overdue cut to the reserve requirement will, at least, provide some relief for the liquidity-starved banking sector. Kenya also kept rates unchanged today, though we expect both countries to tighten policy in the months ahead.

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