CBN RETAINS KEY LENDING RATES AT 11.5% TO BOAST ECONOMIC GROWTH
The Central Bank of Nigeria (CBN) has retained Monetary Policy Rates (MPR) at 11.5%.
Governor of the CBN, Godwin Emefiele, announced this on Tuesday, November 24.
He said that the development was part of the measures put in place to boost the economic growth of Nigeria.
This is coming days after the National Bureau of Statistics on Saturday, November 21, announced that Nigeria has officially gone into its worst economic recession.
According to a statement released by the NBS, Nigeria recorded a decline of 3.62 percent in the third quarter of 2020, which was the second consecutive quarterly GDP decline since the recession of 2016.
The last time Nigeria recorded this cumulative GDP was in 1987 when its GDP declined by 10.8 percent.
Speaking on Tuesday, Emefiele said recession was anticipated and measures were put in place to manage its impact.
Meanwhile, Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, November 23, said Nigeria would exit recession in the first quarter of 2021, Eons Intelligence reports.