{"id":25557,"date":"2011-11-24T11:57:00","date_gmt":"2011-11-24T16:57:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/11\/24\/central-bank-of-nigeria-holds-rate-at-12-00\/"},"modified":"2011-11-24T11:57:00","modified_gmt":"2011-11-24T16:57:00","slug":"central-bank-of-nigeria-holds-rate-at-12-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/11\/24\/central-bank-of-nigeria-holds-rate-at-12-00\/","title":{"rendered":"Central Bank of Nigeria Holds Rate at 12.00%"},"content":{"rendered":"
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The Central Bank of Nigeria<\/a> held its monetary policy interest rate unchanged at 12.00%.  The Bank also held the cash reserve ratio at 8%.  <\/span><\/span>Bank Governor, Lamido Sanusi, said: “These decisions have helped in controlling pressures on the general price level and in maintaining a relatively stable equilibrium in the foreign exchange markets. Where this equilibrium is disturbed by external factors, the ability to respond rapidly has succeeded in quickly restoring stability.”<\/span><\/span><\/p>\n

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Previously the Nigerian central bank raised the the monetary policy rateby 275 basis points to 12.00% at its October meeting, after increasing by 50 basis points<\/a> in September rate 75 basis points<\/a> in July, and increasing it by 50 basis points<\/a> at its May meeting this year.  Nigeria reported annual headline inflation of 10.5% in October, compared to 9.3% in August, down from 9.4% in July, 10.2% in June, 12.4% in May, 11.3% in April, and 12.8% in March, and just above the Bank’s inflation target of 10%.  <\/span>

The Nigerian government doubled the minimum wage to 18,000 Naira recently.  Nigeria reported annual GDP growth of 7.72% in the June quarter, after growing 7.43% in the March quarter, while the Bank is forecasting 2011 growth of 7.8%.  <\/span>Nigeria’s currency, the naira (NGN), has weakened about 4% against the US dollar so far this year, the USDNGN exchange rate last traded around 159.5.
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www.CentralBankNews.info<\/a><\/span><\/span><\/div>\n<\/div>\n
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The Central Bank of Nigeria held its monetary policy interest rate unchanged at 12.00%.  The Bank also held the cash reserve ratio at 8%.  Bank Governor, Lamido Sanusi, said: “These decisions have helped in controlling pressures on the general price level and in maintaining a relatively stable equilibrium in the foreign exchange markets. Where this equilibrium is disturbed by … <\/p>\n

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