Nigeria raised its benchmark interest rate by 25 basis points to 6.5 percent.
The Central Bank says this is part of the normalisation of monetary policy after the financial crisis.
The CBN took aggressive measures to tighten liquidity as its seeks to get inflation down to single digits. It raised the cash reserve requirement for banks to 2 percent from 1.
ABN's Wole Faumera spoke to CBN Governor, Sanusi Lamido Sanusi about whether this monetary tightening is necessary considering the fact that inflation has been on a downward trend and private sector credit has contracted.
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