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Emfiele unmoved

Despite the weekend's data release showing that Nigeria had fallen into recession during Q3, there was never any real prospect of the Central Bank of Nigeria cutting the policy rate again yesterday after its surprise 100bps reduction in September. But there are headwinds. Inflation is becoming unmoored from the 6-9% target and the CBN's twin hopes of a return to expansion in 2021Q1 and a reversal in price trends look 50/50 at best.