It said Nigeria's tightening of monetary policy was in line with the authorities' efforts to contain inflation below 10 percent. The IMF also estimated that Nigeria's currency, the naira, was "broadly in line with fundamentals".
Nigeria's central bank held rates at 12 percent last week for the ninth consecutive time, citing concerns about ongoing external price pressures. Nigerian consumer inflation rose to 9.5 percent in February from 9 percent in January, staying within the central bank's single digit target. Food prices rose to 11 percent.