Investing.com - Financial Markets Worldwide

UPDATE 1-Nigeria central bank holds benchmark interest rate

Published 21/05/2019, 15:08
UPDATE 1-Nigeria central bank holds benchmark interest rate

(Adds quote, detail)
ABUJA, May 21 (Reuters) - Nigeria's central bank held its
benchmark interest rate at 13.5%, its governor Godwin Emefiele
said on Tuesday, after a surprise 0.5 percentage point cut at
the previous meeting.
Most analysts polled by Reuters had expected no change. A
minority predicted a rate cut
The decision comes a day after Nigeria's statistics office
said economic growth had slowed in the first quarter of 2019,
dropping to 2.01% from 2.38% in the previous quarter as the
country's dominant oil sector shrank. Emefiele, who this month became the first Nigerian central
bank governor since the return to democracy in 1999 to be given
a second term, said the central bank predicted that growth this
year would come in at 2.38 percent.
At the last interest rate meeting in March, the central bank
made an unexpected cut as part of an attempt to stimulate growth
in Africa's biggest economy and signal a "new direction".
The move was the first rate cut since November 2015. The
rate had been held at 14% since July 2016 to support the naira
and curb inflation.
Nigeria emerged from its first recession in 25 years in
2017. Higher oil prices and recent debt sales have helped it
accrue billions of dollars in foreign reserves.
But growth remains fragile and inflation edged up in April
to 11.37% from 11.25% a month earlier.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.