Nigeria leaves rate at 12 pct, moves to support naira

ABUJA (Reuters) - Nigeria's central bank left its benchmark interest rate on hold at 12 percent on Tuesday as expected but took measures to tighten liquidity to support the weakening local naira currency. Nigeria's monetary policy committee (MPC) chose to raise banks' cash reserve requirement to 12 percent from 8 percent and reduce net open foreign exchange positions to one percent from three ...
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Added July 24, 2012
from Yahoo Nigerian News