Recession: CBN Retains Key Lending Rates

Recession: CBN Retains Key Lending Rates Pointloaded

The Monetary Policy Committee (MPC) has retained key lending rates at 11.5%.

Governor of the Central Bank of Nigeria, (CBN) Mr Godwin Emefiele announced this on Tuesday, November 24 saying it is part of efforts to boost the Economic growth of the country.

This is coming days after a new report released by the Nigeria Bureau of Statistics, disclosed that Nigeria has slipped into another recession after the economy shrank in the third quarter of this year.

The same happened in 2016, making it the second recession in a space of four years.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.

Read Also: Nigeria Slips Into Second Recession In Five Years 

According to Emefiele, recession was anticipated and measures were put in place to manage its impact.

Meanwhile, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021.

Share this post

About Rakib Idris

Rakib Idris is a scientist, blogger, entrepreneur, web designer, socioeconomic and political commentator. He loves writing quality contents for readers and presenting to them happenings around the world promptly as they occur. Thank you for visiting pointloaded.com WhatsApp: +2349054011337

View all posts by Rakib Idris →

Leave a Reply

Your email address will not be published. Required fields are marked *