The Central Bank of Nigeria increased its monetary policy interest rate by 75 basis points to 8.75% from 8.00% previously. The Bank also increased the key borrowing and lending rates by 75bps to 6.75% and 10.75% respectively. Bank Governor, Lamido Sansui, said: “The inflation outlook appears uncertain owing to the expected implementation of the new national minimum wage policy and the imminent deregulation of petroleum products,” and that there is “the need for pursuing policies to foster macro- economic stability, economic diversification as well as encouraging foreign capital inflows”.