Economics
Growth Outweighs Currency Risks as Nigeria, Kenya Hold Rates
- Nigeria economy may fall into recession in 2016, Emefiele says
- Kenya tightened monetary policy this year to boost currency
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The threat of recession in Nigeria, Africa’s biggest economy, and weaker growth in Kenya prompted policy makers in the two countries to keep interest rates unchanged despite pressure on their currencies to weaken.
The Central Bank of Nigeria kept its policy rate at a record 13 percent on Tuesday, while the Central Bank of Kenya left its benchmark rate at 11.5 percent, matching the forecasts of most of the economists surveyed by Bloomberg.