Nigeria Central Bank Reverses Policy by Raising Rate to 12%
- Inflation exceeded 10% for first time in more than three years
- Economic growth under pressure after oil prices collapsed
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The Central Bank of Nigeria unexpectedly raised its benchmark interest rate by 1 percentage point, reversing direction after inflation in Africa’s largest economy soared.
The Monetary Policy Committee increased its main rate to 12 percent, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. All 14 analysts surveyed by Bloomberg predicted the rate would remain unchanged at 11 percent.