21 January 2013

Nigeria: CBN Reviews Economy Today

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) will today review the performance of key economic indicators in the country and the global economic outlook.

The committee will also take major decisions to drive the Nigerian economy in the first quarter of the year.

Key economic indicators that the committee will look at include whether to retain or change the prime lending rate (Monetary Policy Rate) and how to curb inflation. Inflation is currently 12 percent.

At the last MPC meeting in November, the central bank retained the MPR at 12 percent, which remained unchanged for the major parts of last year.

Interest rates that banks charge on loans floated between 18 and 28 percent, last year, thereby discouraging borrowing.

However, banks were accessing Federal Government Bonds last year instead of lending to the real sector of the economy.

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