BREAKING: CBN Keeps Interest Rate at 14%
By Modupe Gbadeyanka
Rising from its last Monetary Policy Committee (MPC) meeting for the year today, the Central Bank of Nigeria (CBN) announced that the committee has resolved to retain the Monetary Policy Rate (MPR) at 14 percent.
Governor of the CBN, Mr Godwin Emefiele, while briefing newsmen of outcome of the meeting on Tuesday in Abuja, explained that reducing the rate at this moment may not be the best thing to do.
This news comes a day after the National Bureau of Statistics (NBS) revealed that the nation’s economy grew by 1.4 percent in the third quarter of this year.
It also comes nearly a week after the stats office said inflation rate in the country moderated further to 15.91 percent in October from 15.98 percent in September.
Mr Emefiele told newsmen that Nigeria’s external reserves have increased to over $34 billion, while the $3 billion Eurobond introduced by the Federal Government to the international capital market last week has been oversubscribed by $11 billion.