CBN Raises Monetary Policy Rate to 8.75%
July 26, 2011
The Monetary Policy Committee has just announced a hike in its benchmark interest rate for the fourth time this year in a bid to stabilize the naira and combat the impact of increased government spending on inflation.
The monetary policy rate was increased today by 75 basis point to 8.75% from 8.00%.
The decision reflects the CBN’s concerns over the inflationary outlook and continued pressure on the exchange rate.
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