NGE - Nigeria's central bank unexpectedly hikes rates for first time since 2016 - Bloomberg

The Central Bank of Nigeria's monetary policy committee has decided to hike its policy interest rate for the first time since July 2016, Governor Godwin Emefiele said Tuesday, as reported by Bloomberg.  Specifically, the benchmark rate was lifted by 150 basis points to 13%, while only 20% of economists expected an increase, according to a Bloomberg survey.  Africa's largest economy is pivoting to tighter monetary actions in an effort dull inflation expectations, as developed nations, namely the U.S. Federal Reserve and European Central Bank, become increasingly hawkish. Nigeria, in particular, is facing currency depreciation in the wake of capital outflows, inflation risks and supply chain issues. After the National Bureau of Statistics announced further slowing GDP growth in Q1, the naira hit an all-time low of 609 against the greenback on the freely traded black market, according to Reuters.  Its Q1 GDP expanded 3.1% in the first quarter vs. 3.98% in Q4

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Nigeria's central bank unexpectedly hikes rates for first time since 2016 - Bloomberg