The Central Bank’s Monetary Policy Committee on Wednesday voted unanimously to maintain status quo on all monetary parameters, keeping the benchmark lending rate at 14 percent.
This follows the conclusion of the two-day meeting of the new committee which was also the first for 2018.
The CBN Governor Godwin Emefiele at the media briefing in Abuja, explains that the nine-member committee voted to hold rates in favour of economic growth.
He noted that there’s need for corrective measures in the fiscal distortions and the decision to retain rates at current levels relates to consumer pricing and Nigeria’s current account balance.
The governor also introduced the new members of the committee and explains their roles in the decision.
With the first and successful monetary rate-setting meeting held, the next line of expectation could be the 2018 budget passage as investors continue to price in the hope for the markets.