The Monetary Policy Council of the Central Bank of Nigeria has held the interest rate or the Monetary Policy Rate (MPR) at 14% 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.