Nigeria keeps rates on hold as recession deepens

PUBLISHED: Tue, 22 Nov 2016 13:57:19 GMT

LAGOS Nov 22 (Reuters) – Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday, and maintained existing cash reserve ratios for commercial banks at 22.5 percent, its governor Godwin Emefiele said.

READ:Nigeria’s recession deepens

The rate decision was expected by most of the economists polled by Reuters last week who saw the policy in line with the banks’ efforts to resuscitate growth in Africa’s biggest economy, which is in its first recession in 25 years, while keeping an eye on inflation. (Reporting by Alexis Akwagyiram, Chijioke Ohuocha and Oludare Mayowa; Editing by Robin Pomeroy)

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