The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained the monetary policy rate, which determines interest rate, at 14%, the country’s highest in 10 years.
This is the 15th time that the committee has left the rate unchanged. Godwin Emefiele, governor of the Central Bank of Nigeria, announced the committee’s decision at the bank’s headquarters on Tuesday.
According to the governor, all members of the committee were in attendance and all were in support of retaining rates.
“The committee continued recovery in output growth of the economy. output growth is expected to expand further. Output for growth remains fragile on the late implementation of the 2018 budget and after effects of flooding,” he said.
