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Nigeria's central bank stretches credibility

No sign of a peak in Nigeria's inflation rate which rose for the 17th month in a row to 16.5% (fastest pace since April 2017) in January. Food prices have driven the ascent as various supply chain frictions including Covid19, USD shortages and import restrictions have intensified. Admittedly policy rate management is a pretty blunt tool under the circumstances but surely the CBN should better signal its concern at the disconnect between the target range and the firming path of price growth? After all, it's exchange rate policy and FX restrictions are part of the problem.