CBN eyes elections, budgetary spendings, raises interest rates

Extends guarantees on foreign credit lines AMIDST fears of a possible rise in inflationary trends in the country following Federal Government’s 2011 fiscal plan as contained in the just passed 2011 Appropriation Bill as well as the huge spending by politicians for the next month general elections, the Central Bank of Nigeria (CBN) yesterday raised interest rate by 100 basis point, from 6.50 per cent to 7.50 per cent forthwith. It however retained the symmetric corridor of +/- 200 basis points; ...
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Added March 22, 2011
from Guardian News