Aggressive interest rate hikes unlikely amid 30% inflation forecast

The Bank of America says aggressive interest rate hikes are unlikely, while predicting that Nigeria’s inflation will rise to 30 percent in the first quarter of 2023.

“A higher rate of 30 percent would require aggressive interest rate hikes. But these are politically sensitive for a less independent central bank. We get the sense that aggressive hikes are not likely,” the bank said in a note to its client seen by BusinessDay on Thursday.

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