MPC HIGHLIGHT – SEPTEMBER 2022
The Monetary Policy Committee (MPC) concluded its 2-day meeting today and raised the benchmark interest rate by 150bps, from 14.00% to 15.50%. Please see below, a summary of the committee’s decisions: MPR increased to 15.50% from 14.00% CRR increased to…
INFLATION WATCH – AUGUST 2022
Headline Inflation rose to 20.52% in August 2022 Nigeria’s Consumer Price Index (CPI) for the month of August 2022 hit a fresh 17-year high as it accelerated to 20.52% Y-o-Y (Bloomberg median estimate +20.50%), an increase of c.0.88% from 19.64% Y-o-Y…
Q2’2022 GDP Highlights
Nigeria Q2’2022 GDP grew by 3.54% Y-o-Y •The National Bureau of Statistics (NBS) released the Gross Domestic Product (GDP) figures for Q2 2022, reporting a real economic growth of +3.54% Y-o-Y (Bloomberg’s estimate +2.90%). •This represents a…
INFLATION WATCH – JULY 2022
Headline Inflation rose to 19.64% in July 2022 Nigeria’s Consumer Price Index (CPI) for the month of July 2022 accelerated to a near 17-year high of 19.64% Y-o-Y (Bloomberg median estimate +19.40%), an increase of c.1.04% from 18.60% Y-o-Y recorded in…
MPC HIGHLIGHT – JULY 2022
Nigeria’s Monetary Policy Committee (MPC) increased its benchmark interest rate for a second successive meeting – the first time in more than a decade – to curb the accelerating inflation. The MPC voted unanimously to hike the rate by 100 basis points…
INFLATION WATCH – JUNE 2022
Headline Inflation in Nigeria increased to 18.60% in June 2022 Nigeria’s Consumer Price Index (CPI) for June 2022 printed higher at 18.60% Y-o-Y (Bloomberg median estimate +18.50%), an increase of c.0.89% from 17.71% Y-o-Y recorded in May 2022. The…
INFLATION WATCH – MAY 2022
Headline Inflation in Nigeria increased to 17.71% in May 2022 Nigeria’s Consumer Price Index (CPI) for May 2022 printed higher at 17.71% Y-o-Y (Bloomberg median estimate +17.50%), an increase of c.0.89% from 16.82% Y-o-Y recorded in April 2022. Core and…
MPC HIGHLIGHT – MAY 2022
The Monetary Policy Committee (MPC) concluded its 2-day meeting today, and unexpectedly hiked the benchmark interest rate by 150bps to 13.00% (the first time since July 2016, from 12% to 14%), while leaving other key parameters constant. Please see…
Q1’2022 GDP Highlights
Nigeria Q1’2022 GDP grew by 3.11% Y-o-Y • The National Bureau of Statistics (NBS) published the Gross Domestic Product (GDP) figures for Q1:2022 today, revealing a 3.11% Y-o-Y growth in the economy. • Although the domestic growth rate slowed for the 3rd…
INFLATION WATCH – APRIL 2022
Rising global commodity prices steered Nigeria’s inflation to 16.82% in April 2022 Nigeria’s Consumer Price Index (CPI) for April 2022 printed significantly higher at 16.82% Y-on-Y (an 8-month high), up from 15.82% Y-o-Y in March (Bloomberg Consensus…
