Nigeria cbank-inflation will not force rate rise next wk

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Lamido Sanusi

Lamido Sanusi

Nigeria will not raise  benchmark interest rates as a result of the first round of  inflationary effects from the removal of a fuel subsidy, Central  Bank Governor Lamido Sanusi said on Thursday.

The central bank is due to hold its first interest rate  setting meeting for the year next Monday and Tuesday.

“In January, because of the removal of subsidy there’s going  to be inflationary pressure. Usually we will not respond to that  directly because it’s a first round effect … so we will not  raise interest rates in response to inflationary pressure from  the rising oil prices,” Sanusi told CBNC Africa television.

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