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Nigeria central bank holds rates at 12 pct, despite inflation risks

LAGOS (Reuters) – Nigeria’s central bank held interest rates at 12 percent on Friday, where they have stayed for nearly three years, despite concerns over inflation and reduced food production caused by the Islamist insurgency in the north.

A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos
A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos, January 13, 2009. REUTERS/Akintunde Akinleye

Nigeria central bank governor Godwin Emefiele said the bank noted that the naira currency has “depreciated substantially” on the interbank market in past two months, and that there were risks from falling oil production and prices.

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Article from: af.reuters.com

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Nigeria central bank holds rates at 12 pct, despite inflation risks