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January 22, 2018

No change with or without a meeting

The monetary policy committee (MPC) would normally be holding its latest meeting today and tomorrow in Abuja. However, the Senate has declined to confirm the presidency’s appointments for a new deputy governor of the CBN and members of the committee. The meeting is therefore not expected to go ahead although it appears in the calendar for 2018 on the central bank’s website. There is reputational damage to brand Nigeria as a result of what we will diplomatically term a procedural stand-off. Incidentally, we did not expect a change in stance.aIf the MPC has one shared agenda, it is the fight against inflation. The December report probably came as a welcome surprise (Good Morning Nigeria, 17 January 2018). The headline rate slowed from 15.9% to 15.4% y/y.The committee will have noted...

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January 18, 2018

New year, old challenge for the DMO

The DMO has found itself at the start of the calendar year with the familiar challenge of having to set...

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January 17, 2018

A steeper fall in inflation

The latest inflation report from the NBS shows headline inflation y/y at 15.4% in December. This was the eleventh successive...

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January 16, 2018

The elusive tipping point in asset allocation

The assets under management (AUM) of the Nigerian regulated pension industry increased by 23.1% y/y in November to N7.41trn (US$24.2bn),...

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