{"id":22663,"date":"2011-07-26T13:30:00","date_gmt":"2011-07-26T17:30:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?guid=34aeaf218b4812b7d6637655e0239570"},"modified":"2011-07-26T13:30:00","modified_gmt":"2011-07-26T17:30:00","slug":"central-bank-of-nigeria-lifts-rate-75bps-to-8-75","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/07\/26\/central-bank-of-nigeria-lifts-rate-75bps-to-8-75\/","title":{"rendered":"Central Bank of Nigeria Lifts Rate 75bps to 8.75%"},"content":{"rendered":"<p><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\">The&nbsp;<a href=\"http:\/\/www.cenbank.org\/\" style=\"color: #3778cd; text-decoration: none;\">Central Bank of Nigeria<\/a>&nbsp;increased its monetary policy interest rate by 75 basis points to 8.75% from 8.00% previously.&nbsp; The Bank also increased the key borrowing and lending rates by 75bps to 6.75% and 10.75% respectively<\/span><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\">.&nbsp; Bank Governor, Lamido Sansui, said:&nbsp;&#8220;The inflation outlook appears uncertain owing to the expected implementation of the new national minimum wage policy and the imminent deregulation of petroleum products,&#8221; and that there is &#8220;the need for pursuing policies to foster macro- economic stability, economic diversification as well as encouraging foreign capital inflows&#8221;.<\/span><\/p>\n<div><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><\/span><br \/><a name='more'><\/a><\/div>\n<div><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\">Previously the Nigerian central bank increased the <a href=\"http:\/\/www.centralbanknews.info\/2011\/05\/central-bank-of-nigeria-raises-rate.html\">monetary policy rate<\/a> by 50bps to 8.00% at its May meeting this year. &nbsp;Nigeria reported annual headline inflation of 10.2% in June, compared to 12.4% in May, 11.3% in April, and 12.8% in March, and above the Bank&#8217;s inflation target of 10%. &nbsp;The Nigerian government has been reported as planning to double the minimum wage to 18,000 Naira next month. &nbsp;Nigeria reported annual GDP growth of 6.64% in the March quarter, while the Bank is forecasting 2011 growth of 7.8%.<\/p>\n<p><a href=\"http:\/\/www.centralbanknews.info\/\" style=\"color: #3778cd; text-decoration: none;\" >www.CentralBankNews.info<\/a><\/span><\/div>\n<div class=\"blogger-post-footer\"><img width='1' height='1' src='https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-7644753709601240817?l=www.centralbanknews.info' alt='' \/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Central Bank of Nigeria&nbsp;increased its monetary policy interest rate by 75 basis points to 8.75% from 8.00% previously.&nbsp; The Bank also increased the key borrowing and lending rates by 75bps to 6.75% and 10.75% respectively.&nbsp; Bank&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-22663","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=22663"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=22663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=22663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=22663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}