CBN keeps interest rate at 14%

CBN keeps interest rate at 14%

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has kept the interest rate at 14%.

The CBN’s monthly monetary policy committee which made the decision shortly said it is not reducing the rate due to various macroeconomic indices which showed that Nigeria’s economic recovery is still fragile.

The incoming general elections also heightened fears that political spending would increase consumer spending which could spike inflation.