Nigeria annual inflation rate increased to 22% YoY in March, surpassing the central bank’s 9% ceiling for almost eight years. This development is expected to lead to an extension of the central bank’s current phase of monetary tightening, which has been in place since 2011. Meanwhile, although food inflation was unchanged at 24.5%, core price growth surged to 19.9%, up from 18.8% in February, and prices rose by 1.86% in the month. The naira rose by 0.08% to 461.58 per USD on Friday, while the 2051 USD bond saw its price fall for the fifth consecutive day to 63.182 pence per USD, pushing yields up to 13.26%.