Sanusi MPR

The governor of the Central Bank of Nigeria, CBN, Mr. Lamido Sanusi, has said that the monetary policy rate, may remain unchanged. 

Mr. Sanusi, who declared that he was not speaking for the monetary policy committee, told Bloomberg today it might be "counterproductive" to raise interest rates in response to the jump in fuel prices that would probably push up inflation in the country. 

The CBN had estimated that inflation in Nigeria would accelerate to 14 per cent or 15 per cent by mid-year, from 10.5 per cent in November, 2011 taking into account the initial full removal of fuel subsidy on January 1. The MPC left the benchmark lending rate unchanged at a record-high 12 per cent when it met on November 21, 2011.