Fidelity bank banner UBA banner
CBN holds main lending rate, calls recovery 'fragile'

By News Express on 22/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 785

 •CBN Governor Godwin Emefiele
•CBN Governor Godwin Emefiele

The Central Bank of Nigeria held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile.

 

Governor Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for a cut. All other policy parameters were kept unchanged.

“Inflation in particular requires very close monitoring to gain clarity on the medium-term optimum path of monetary policy,” Emefiele told a news conference.

All 15 analysts polled last week said rates would be held at 14 percent, with cuts of up to 100 basis points expected in either July or September 2018.

Official data on Tuesday showed growth of just 1.4 percent in the third quarter.

Among other risks for Nigeria, Emefiele cited low fiscal buffers.

The OPEC member’s economy shrank by 1.5 percent in 2016, its first annual contraction in 25 years. The recession was largely caused by low oil prices since the country relies on crude oil sales for around two-thirds of government revenue.

“Emefiele’s hints about future monetary easing were pretty clear. It seems that policymakers are waiting for a more substantial fall in inflation before starting to lower interest rates,” said Capital Economics analyst William Jackson.

Inflation is slowing but remained at an elevated 16 percent on an annual basis in October. At the media conference Governor Emefiele said he was optimistic consumer price-growth would moderate to one-digit levels in 2018. (Reuters)

Source News Express

Posted 22/11/2017 05:34:16 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Forex: Wholesale segment, others get $210m boost

DMO: Mobilising the grassroots for national development, By...

Troops kill 15 Boko Haram fighters, rescue 49...

It will be sunny and hazy up North...

Magu’s EFCC: Between suspects and victims

Ex-Governor Suntai dies at 56

Italian man appears in court for killing Nigerian...

Troops, NDLEA operatives raid, recover arms from suspected...

IPOB to resume pro-Biafra protests, condemns detention of...

To postpone or not?: Tension high as Council...

World’s biggest aircraft that cost £25m crashes during...

NAPTIP to establish sexual offenders register

 

Latest News Foreign investors, govt divest from banks 2019: International community beams searchlight on Nigeria 2019: Kashamu emerges Ogun PDP governorship candidate FG, States, LGs share N2.28tn in one quarter Eid-el-Maulud: Okowa urges sober reflection, seeks prayers for peaceful elections Buhari begs politicians not to set Nigeria ablaze, launches campaign manual Export council fires 4 aggrieved staff despite House of Reps resolutions Ekiti Muslims protest alleged acquisition of land by Fayose You’re usurping my role, APC legal adviser tells Oshiomhole Gbenga Daniel emerges Yoruba Man of The Year African Union to suspend debtor countries Trump: No plans to listen to tape of Khashoggi killing

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,145 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,503 views) Shameless Genevieve Nnaji exposes breasts in public (323,555 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (272,004 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,562 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,675 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,378 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,943 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,232 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,776 views) Lagos plane crash: Journalist releases victims’ names (165,343 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,192 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,801) Business Verdict (54) Columnists (964) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (568) Features (670) Global Business Monitor (310) International (2,698) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,649) Opinion (1,144) Pidgin (13) Politics (7,792) Religion (902) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera