CBN warns of another looming recession




The Monetary Policy Committee (MPR) of the Central Bank of Nigeria (CBN) on Tuesday warned that the economy may recede again into recession unless concrete steps were taken to implement the 2018 budget, create employment and increase the minimum wage.

This is just as seven of the 10 members that attended voted to retain all the policy rates including Monetary Policy Rate (MPR) at 14 per cent; Liquidity Ratio at 30 per cent; Cash Reserve Ratio (CRR) at 22.5 per cent; and Asymmetric Corridor of +200 and -500 basis points around the MPR
Briefing journalists on the outcome of the meeting which held on Monday and Tuesday, Governor of CBN, Mr Godwin Emefiele said “the committee was concerned that the exit from the recession may be under threat as the eco0nomy slowed to 1.95 and 1.50 per cent during the first and second quarters of 2018 respectively.

“The committee noted that the slow down emanated from the oil sector with strong linkages to unemployment and growth in other key sectors of the economy.

“In this regard, the committee urged the government to take advantage of the current rising trend in oil prices to rebuild fiscal buffers, strengthen government finances in the medium term and reverse the current trend of decline in output growth.”

According to him, MPC noted that “though growth remains weak, the effective implementation of 2018 Federal Government budget and policies that would encourage credit delivery to the real sector of the economy may boost aggregate demand, stimulate economic activity and reduce unemployment in the country.


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Trust Buhari to send us back to another recession. His record on recession will never be beaten. He's on course to plunge Nigeria into recession a third time even though oil prices have reached a record high.

Dem swear for this man?

another recession...??...

do this people in cbn even understand their job sef...?

how can we all be hustling like mad people and still be in recession......??

and thunda fire anybody that says we nigerians are lazy.......!!

Another reccession is like another stroke disease ...Nigeria might not survive it.....

It's just a panic to make Nigerians believe that we don't have money.

Oil price now is above $81 per barrel and they are talking about recession. Our excess crude account should be fat enough to handle any shock that may hit the economy, else, it is a foul cry to give way to looting.