Nigeria's central bank raises benchmark rate to 14 percent - CNBC Africa

Nigeria's central bank raises benchmark rate to 14 percent

Western Africa

by Reuters 0

Nigeria's central bank raises benchmark rate to 14 percent. Photo: Wikimedia.

Nigeria's central bank raised its benchmark interest rate by a surprise 200 basis points to 14 percent on Tuesday and maintained its existing cash reserve ratios for commercial banks in a bid to stabilise the naira.

In a Reuters poll, the median forecast of 13 analysts taken July 18-21 predicted that Nigeria would raise interest rates by 100 basis points to 13 percent.

 

(Reporting by Ulf Laessing and Alexis Akwagyiram; Editing by Ed Cropley)

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