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CBN raises interest rate over minimum wage, energy cost

Again, Reps to debate Islamic banking TO hedge inflation predicted to rise in the second half of 2011 driven by the planned implementation of the new minimum wage of N18,000 in August, coupled with high cost of energy and imports as well as fresh injection of about N1.6 trillion into the troubled banks by the Asset Management Company of Nigeria (AMCON), the Central Bank (CBN) yesterday moved the Monetary Policy Rate (MPR) by 75 basis point, from eight per cent to 8.75 per cent with immediate ...
Read the rest of the story on Guardian News

Added July 26, 2011
from Guardian News