Nigeria's central bank raised its benchmark interest rate by a surprise 200 basis points to 14 percent on Tuesday and maintained its existing cash reserve ratios for commercial banks in a bid to stabilise the naira.
Apex bank raises benchmark rate to 14 percent
The CBN has increased the interest rate to 14 percent and maintained its existing cash reserve ratios for commercial banks in a bid to stabilise the Naira.
In a Reuters poll, the median forecast of 13 analysts taken July 18-21 predicted that Nigeria would raise interest rates by 100 basis points to 13 percent.
The naira continued a downward slope at the interbank segment of the market, hitting a spot rate of N309.84 to the dollar from about N300 posted on Friday.
Currency traders continued to rain counter accusations against dollar scarcity as explanation for the week performance of the Nigerian currency.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Gov Alia vows to demolish property housing kidnappers, Yahoo boys in Benue
Tinubu appoints former Rivers lawmaker, ex-Naval officer as heads of NESREA, NDRBDA
Court accuses EFCC boss of contempt over handling of Yahaya Bello's case
Fubara donates ₦350m as Navy moves training headquarters from Lagos to Rivers
Bandits invade Defence Minister's hometown, kill 1, abduct scores
Cardiologist bags 4-year jail term over patient deaths
We must continue to support President Tinubu - Ododo tells Kogi residents
Tinubu appoints Zenith Bank founder Jim Ovia to chair student loan fund
Husband begs IGP to find his wife who went missing on official police duty
ADVERTISEMENT