Nigerian Central Bank, Unable to Meet, Holds Rate at 14%
- Lender doesn’t have required quorum to issue revised schedule
- Key monetary policy rate maintained at 14%, CRR at 22.5%
The headquarters of the Nigerian central bank.
Photographer: George Osodi/Bloomberg
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The Central Bank of Nigeria won’t hold its rate-setting meeting scheduled for Monday and Tuesday because lawmakers have yet to approve monetary policy committee members, leaving the body unable to form a quorum.
The bank will “maintain key monetary policy variables” at levels decided in November, Governor Godwin Emefiele said in an emailed statement, effectively leaving the key interest rate at 14 percent.