Nigeria’s central bank deferred its rate-setting meeting following a leadership shake-up by the president amid record lows for the local currency. Limited USD supply is pushing buyers to the informal market for foreign currency. Nigeria faces its highest inflation in over eighteen years, leading experts to anticipate another rate hike by the central bank at its upcoming, now delayed, meeting. Since May 2022, the MPC raised rates by 725 bps to curb persistent inflation. Factors contributing to inflation include fuel subsidy removal and FX reforms.