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.
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.
By: Reuters.
Reporting: Ulf Laessing and Alexis Akwagyiram.
Editing: Ed Cropley.
Photo: TVC News.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
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