Turning the Corner: A New Compact between Nigeria's People and State

NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 20 To mop-up excess liquidity, 18 restarted Open Market 16 Operations (OMOs) 14 . To improve monetary 12 policy transmission, 10 removed the N2 billion cap on the Standing Deposit 8 Facility (SDF) and 6 narrowed its rate corridor 4 2 ...AND CBN HAS STARTED TIGHTENING MONETARY POLICY TO BRING INFLATION UNDER CONTROL T-bill and OMO yields, as well as prime lending rates, have started to move closer to the MPR Percent 0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 OMO (1yr) TBs (1yr) Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Source: CBN MPR Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 13

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