July 23, 2026/Coronation Update
Executive Summary
H1 2026 was defined by a single dominant shock: the Middle East conflict and the effective closure of the Strait of Hormuz from late February, which drove Brent crude into unusually wide trading ranges and interrupted the disinflation trend that had characterized 2025.
Looking ahead to H2 2026, we expect the MPC to maintain a restrictive monetary policy stance, alongside a gradual depreciation of the naira toward ₦1,400/US$ as election-related spending supports foreign exchange demand…
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