Posted on Tue 23 May 2017, 08:35 PM

The Central Bank of Nigeria’s Monetary Policy Committee has decided to retain the country’s benchmark interest rate at 14 percent.

The CBN also decided to leave the existing cash reserve ratios for commercial banks at 22.5 percent and the Liquidity Ratio at 30 per cent. Asymmetry Corridor is maintained at +200 and -500 basis point.

This is the fifth time in a row the CBN has decided to leave all rates at the same level.

The CBN’s decision comes on the same day the country’s Bureau of Statistics disclosed that the country is still in a recession.

According to data from the country’s Bureau of Statistics, the nation’s Gross Domestic Product (GDP) in the first quarter of 2017 contracted by 0.52% (year-on-year).

This is the fifth consecutive quarter the economy has contracted.

However, during the quarter, aggregate GDP stood at N26 million in nominal terms, compared to N22 million in Q1 2016.

This resulted in a Nominal GDP growth of 17.06%.

 

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
By submitting this form, you accept the Mollom privacy policy.
Get the Latest News updates from Homeland New. Read more
Phone: +234 818 217 4858
Email: info@homelandnewsng.com

Newsletter

Subscribe to our Newsletter to get latest updates!

Connect With Us