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  "documentTitle": "2025 Nigeria Budget and Economic Outlook",
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  "notes": "The slide highlights the correlation between MPR hikes and rising bond yields/lending rates in Nigeria from 2016 to 2024.",
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      "kind": "callout",
      "text": "Increase in MPR thrice from 18.75% to 27.25% led to the rise in bond yields and max lending rate",
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      "text": "Monetary Policy Rates and Bond market dynamics (%)",
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      "text": "The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 875 basis points, from 18.75% in September 2023 to 27.50% in November 2024... The maximum lending rate increased to 30.2% in October 2024 from 28.9% in October 2023...",
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      "text": "Source: CBN, PwC Analysis",
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      "text": "CBN may maintain monetary tightening cycle in 2025 with focus on fostering long-run price stability and creating an attractive foreign portfolio investment",
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