Nigeria central bank raises main interest rate to 17.5%

ABUJA (Reuters) -Nigeria's central bank raised its benchmark lending rate by 100 basis points to 17.5% in a decision announced on Tuesday.

The central bank's decision came after inflation dipped for the first time in 11 months in December.

But Central Bank of Nigeria Governor Godwin Emefiele said members of the monetary policy committee did not think the decline was big enough to justify either holding or cutting the rate.

(Reporting by Chijioke Ohuocha, Camillus Eboh and MacDonald DzirutweEditing by Alexander Winning)