Reports | Monetary Policy

November 2022 Post-MPC Slides: CBN – Shooting for the Moon

Nov 24, 2022   •   by   •   Source: FDC Ltd   •   eye-icon 182 views

The popular saying "shoot for the moon; even if you miss, you'll be one of the stars." 

The monetary policy committee closed the curtains for the year with an additional 100bps increase to its anchor rate (16.5%pa). This is the fourth consecutive rate hike in six meetings. Overall, the MPC has increased rates by 500bps. 


Monetary policy tightening is not Nigeria-specific, it is a global phenomenon. The world has moved from the era of near-zero interest rates and quantitative easing to aggressive rate hikes not seen since the financial crisis of 2008. The US Fed has increased rates by a total of 375bps, the BoE 275bps, and the Bank of Ghana, a whooping 1000bps. Clearly, Nigeria’s position is consistent with the global trend. 

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