The Central Bank of Nigeria (CBN) held its benchmark interest rate at 14 percent on Tuesday, and maintained existing cash reserve ratios for commercial banks at 22.5 percent, its governor Godwin Emefiele said.
The rate decision was expected by many Economists who saw the policy in line with the banks’ efforts to resuscitate growth in Africa’s largest economy, which is in its first recession in 25 years, while keeping an eye on inflation.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.