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UPDATE 1-Nigeria's central bank holds benchmark lending rate at 11.5%

Published 26/01/2021, 15:12
Updated 26/01/2021, 15:18
© Reuters.

(Adds details)
ABUJA, Jan 26 (Reuters) - Nigeria's central bank held its
benchmark lending rate at 11.5% on Tuesday at its first interest
rate meeting of 2021, as it battles to combat rising inflation
and a recession.
Governor Godwin Emefiele said all 10 members of the monetary
policy committee voted to stick with the current rate.
The bank cut rates twice last year to try to stimulate an
economy that has been hobbled by the COVID-19 pandemic and an
oil price crash.
The bank is facing the challenge of stimulating growth at
the same time as trying to curb double-digit inflation while
also propping up the ailing naira NGN= currency, hit by lower
oil receipts, Emefiele said.
Africa's biggest economy fell into its second recession in
four years in the third quarter. Nigeria, the continent's top oil exporter which relies on
crude sales for 90% of foreign-exchange earnings, was last in
recession in 2016. It emerged the following year, but growth has
remained fragile since.

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