Rates: Nigeria raises its key rate to a record level of 18.5%


New turn of the screw in the African country…






Photo credit © iStock

(Boursier.com) — Contrary to certain central banks, led by the Fed, which could begin to calm things down, monetary tightening is continuing at full speed in several large emerging countries. This is particularly the case in Nigeria where the Monetary Policy Committee has just raised its rates for the seventh time in a row, unprecedented. The Nigerian reference rate thus goes from 18% to 18.5%, a level never reached by this key rate adopted in 2006. The MPC has now raised its rates by 700 basis points since May 2022 in order to curb inflation and to support its currency.


©2023 Boursier.com






Source link -87