Interest Rates remain unchanged at 12%

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

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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