By Nse Anthony-Uko
ABUJA (Sundiata Post) – The Monetary Policy Council of the Central Bank of Nigeria (CBN) has retained the interest rate or the Monetary Policy Rate (MPR) at 14 per cent for the sixth consecutive time, citing the need for cautious optimism in the country’s economy which is just recovering from recession.
The committee decided on a vote of 6 to 2 to retain the MPR.
According to the CBN governor, Godwin Emefiele, Nigeria’s equities have had a strong performance. Market capitlisation on the Nigerian Stock Exchange (NSE) has risen by over 30% since March.
Nigeria’s macro-economic data, he said, points to a weak recovery in Q2. The economy could return to a deep recession if care is not taken.
Details soon…