Nigeria: CBN Tightens Monetary Policy, Raises Interest Rate to 9.25 Percent As Naira Drops

20 September 2011

The Central Bank of Nigeria monetary policy committee yesterday raised its benchmark interest rate for the fifth time this year to 9.25 per cent, up from 8.75 per cent.

Central Bank Governor, Lamido Sanusi, said the decision to further tighten monetary policy was to tackle future upward inflationary pressures, including high government spending and borrowing, implementation of a new minimum wage and likely removal of fuel subsidies.

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