Central Bank of Nigeria holds benchmark lending rate at 14 percent

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The governor of the Central Bank of Nigeria, Godwin Emefiele said the Bank has kept its main interest rate at 14 percent. Since, July 2016, the rate has been at a record high.

Analysts polled by Reuters predicted that the central bank would hold interest rates at 14 percent and continue to do so through 2019. Emefiele revealed that all 11 members of the monetary policy committee who met voted to hold the rate.

In 2017, Nigeria emerged from its first recession in 25 years, but continues to suffer from sluggish growth and high inflation.

Emefiele said “a hold position is an expression of confidence in the policy regime, given the gradual improvement in both output growth and price stability”.

Economic growth dipped to 1.50 percent in the second quarter, continuing a slowing trend that began in the first quarter.

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