The Central Bank of Nigeria said it agreed to keep interest rate at 14% despite a slight fall in inflation, first in the last 15 months.

As predicted by analysts, the CBN said the “the economy remained in recession with inflationary pressures continuing
unabated. These adverse external and domestic conditions continued to complicate the policy environment”.

The MPC committee said in consideration of the headwinds in the domestic economy and the uncertainties in the global
environment, decided by 9 out of 10 members to retain the MPR at 14.0 per cent alongside all other policy parameters.

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