Friday, July 29, 2016

Video - Businesses unhappy as Nigeria's central bank hikes interest rate

In an apparent move to keep rising inflation in check, and stabilize its currency, Nigeria's central bank has increased the benchmark interest rate from 12 to 14 percent. However, it's left the cash reserve ratio at 22-point-5 percent and liquidity ratio at 30-percent. Central Bank Governor Godwin Emefiele says the recent rise in inflation is more of a structural issue than a monetary one. But the business community isn't happy.

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