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Benchmark interest rate hikes to 12pc: Nigeria

ABUJA : The Central Bank of Nigeria (CBN) monetary policy committee (MPC) hiked its benchmark interest rate by 175 basis
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By Muhammad Iqbal
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uildingABUJA: The Central Bank of Nigeria (CBN) monetary policy committee (MPC) hiked its benchmark interest rate by 175 basis points to 12 percent, in an effort to support the local naira currency which hit an all-time low on Monday.

The CBN implemented a number of other tightening measures to help support the naira, including raising the cash reserve requirement of banks to 8 percent from 4 percent.

Copyright Reuters, 2011

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