Nigeria's central bank raises benchmark rate to 14 percent

by Reuters 13 views0

Nigeria's central bank to supply FX to retail clients at 20 pct above interbank rate

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)