Nigeria commits to tight monetary stance

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The Central Bank of Nigeria's monetary policy committee voted to maintain its benchmark interest rate at 12% during a meeting on November 19 and 20, despite falling growth and core inflation rates.

The GDP growth rate for fiscal 2012 was revised downwards from 6.85% to 6.61%, and the committee registered concern about the declining contribution of the oil sector to growth.

Year-on-year headline inflation increased to 11.7% in October, up from 11.3% the previous month. However, the committee noted

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