Nigeria’s economy and central bank chief under pressure

The rumours (subsequently denied) that Nigeria’s central bank governor had been sacked after delivering an interest rate hike raise further questions over the CBN’s independence. Even if the governor were to go, the country’s FX restrictions are likely to remain in place, at least until next year’s elections. In the meantime, the economy’s woes are becoming increasingly prominent. Low oil output is weighing on GDP growth and preventing Nigeria from taking advantage of high oil prices.