The Central Bank of Nigeria’s surprise interest rate hike this week highlighted the greater progress that the MPC wants to see on the inflation front and also importantly its steadfast ambition to restore its trust and credibility. There’s reason to believe that at least one more rate hike lies in store. Elsewhere, Kenya’s government has turned to financing from Abu Dhabi to help plug its budget shortfall. With international borrowing costs still prohibitive, others on the continent may embrace similar deals from bilateral partners.
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