Stubborn Inflation Sees Nigeria Keeping Rate at Record High
- Second-quarter expansion ends deepest slump in 25 years
- Inflation slowed in August but is almost double the target
A trader holds 20 and 500 denomination naira banknotes at the Swali market in Yenagoa, Nigeria, on Thursday, Jan. 14, 2016.
Photographer: George Osodi/BloombergThis article is for subscribers only.
Nigeria’s central bank left its key interest rate at a record high to fight inflation and buttress its currency even as the economy recovers from the biggest slump in 25 years.
The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. Seventeen of 19 economists in a Bloomberg survey said policy makers would keep the rate where it’s been since July 2016, with the others expecting reductions.