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Rising inflation, weak naira push CBN into large hike

The Central Bank of Nigeria upped the pace of its tightening cycle today, increasing the benchmark rate by 150bp, to 15.50%, as officials have become increasingly concerned about sky-high inflation and mounting pressure on the currency. We now think that policymakers will deliver another rate hike, of 100bp to 16.50%, in November before drawing the tightening cycle to a close.

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