Economics
Nigeria Holds Interest Rate at 2016 Low as Inflation Persists
- MPC wants CBN to find ways to compel banks extend more credit
- Nine of 11 MPC members voted to retain interest rate at 13.5%
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Nigeria’s central bank retained its key interest rate to help fight inflation that persists outside the upper end of the target band.
The Monetary Policy Committee held the rate at 13.5%, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. The median estimate in a Bloomberg survey was for a pause. This is the lowest since May 2016.