Previously the Nigerian central bank raised the the monetary policy rate by 275 basis points to 12.00% at its October meeting, after increasing by 50 basis points in September rate 75 basis points in July, and increasing it by 50 basis points at its May meeting this year. Nigeria reported annual headline inflation of 10.3% in December, compared to 10.5% in October, 9.3% in August, down from 9.4% in July, 10.2% in June, 12.4% in May, 11.3% in April, and 12.8% in March, and just above the Bank's inflation target of 10%.
The Nigerian government doubled the minimum wage to 18,000 Naira recently. Nigeria reported annual GDP growth of 7.72% in the June quarter, after growing 7.43% in the March quarter, while the Bank had forecast 2011 growth of 7.8%. Nigeria's currency, the naira (NGN), has weakened about 6% against the US dollar over the past year, the USDNGN exchange rate last traded around 160.25