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Nigeria Consumer Prices (Jan.)

Nigeria’s headline inflation rate rose further to 29.9% y/y in January and the latest sharp fall in the naira means that it is likely to reach close to 35% y/y over the coming months. We expect the central bank to finally deliver a large interest rate hike, probably in the region of 400bp to 22.75%, when the MPC meets towards the end of this month.

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