Reports | Monetary Policy

CBN Hikes Rate - FDC

Sep 30, 2022   •   by   •   Source: FDC Ltd   •   eye-icon 136 views

The monetary policy committee this week, as widely expected, raised the benchmark interest rate by 150bps to 15.5%p.a. However, the magnitude of the hike took the markets by surprise. The decision, which was hinged on curbing inflation (20.52%) and currency weakness (N740/$), is in tandem with the global and regional trend. A few weeks ago, the US Fed and BoE hiked interest rates by 75bps and 50bps respectively.

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