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Nigeria Keeps Key Rate at 6%; Focuses on Toxic Debt

Nigeria’s central bank kept its benchmark interest rate unchanged as it prepares to buy toxic debt from commercial banks to revive lending.

The monetary policy rate was left at 6 percent, Lamido Sanusi, governor of the Central Bank of Nigeria, said today at a briefing in Abuja, the capital. The main lending rate to commercial banks will be maintained at 8 percent and the borrowing rate at 1 percent.