The Central bank of Nigeria has unexpectedly raised the benchmark interest rate from 11 to 12 percent on Tuesday.
Speaking at the end of its monetary policy committee on Tuesday in Abuja, CBN Governor, Godwin Emefiele, said the bank also raised the cash reserve ratio (CRR) for commercial banks to 22.5 percent from 20 percent and it held the liquidity ratio at 30 percent.
Emefiele who added that the apex bank would keep the naira foreign exchange rate stable despite a sharp fall of the currency on the parallel market due to shortages of dollars, cited the state of the economy and rising inflation, which is above the central bank's target band of 6 to 9 percent.
The monetary policy rate was last adjusted in November 2015, when it was reduced from 13% to 11%.
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