Video - Nigeria raises interest rates

In response to a steep surge in inflation in January, Nigeria's Central Bank raised the policy rate to 12% from 11%. It also tweaked other elements of monetary policy, by increasing the Cash Reserve Ratio, to 22.5% from 20%. The decision comes just four months after the Monetary Policy Committee slashed the CRR to inject liquidity into the system. The expected outcomes, however, have not materialized.