February 24, 2020/Coronation Report

Since last July the Central Bank of Nigeria (CBN) has pursued non-conventional monetary policies (see Coronation Research, Year Ahead 2020, 16 January) which have seen credit grow and domestic risk-free rates fall well below the level of inflation. There are risks the Naira/US dollar exchange rate here (see below) but the CBN could claim that its policies are working because GDP growth rates are rising, albeit gently.

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