Nigeria: CBN Threatens Monetary Tightening If NASS Raises Oil Benchmark

1 February 2012

The Central Bank of Nigeria (CBN)'s Monetary Policy Committee (MPC) left the benchmark rate - otherwise known as the Monetary Policy Rate (MPR) unchanged, but warned that it would not hesitate to resume monetary policy tightening if the National Assembly went ahead to increase crude oil price benchmark from $70 per barrel to $75 or more.

The committee said the benchmark rate was left unchanged because whatever impact the hike in petrol price will have on inflation will be short-termed and not what should unsettle the apple's cart.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.