Nigeria's central bank raises rates

NIGERIA - The Central Bank of Nigeria has raised the interest rate at which it lends to commercial banks by 2%, bucking the trend of globally coordinated rate cuts in the wake of the attacks on the US.

The central bank raised the minimum rediscount rate from 18.5% to 20.5% to cut excess liquidity, it said in a statement on Friday 21 September.

The bank attributed the hike, the highest in six years, to some "unfavourable developments in domestic prices and the naira exchange rate".

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