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CBN maintains 12 per cent interest rate

Channels Television  
Updated February 1, 2012
CBN maintains 12 per cent interest rate

The Central Bank of Nigeria (CBN) kept its main interest rate on hold at 12 per cent on Tuesday, saying it expects the inflationary impact of the removal of fuel import subsidies to be temporary.

All but one of nine analysts surveyed by Reuters had expected rates to remain at 12 percent.

The CBN also left the band it wants the local naira currency to trade within at 150/160 naira to the U.S. dollar and the cash reserve required to be held by banks at 8 percent of deposits.












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