As Nigeria leaves key rates unchanged ahead presidential election
As the presidential election draws close, the Central Bank of Nigeria has held, again, the key rates at 14 percent amidst rising inflation which it says is a concern.
The central banks has for more than two years struggled to keep inflation in check by keeping rate at 14 percent, something it has done for more than two years.
Godwin Emefiele, governor of the regulatory bank told reporters Tuesday in the capital, Abuja on Tuesday that the decision to leave key rates unchanged was unanimously by the members of the Monetary Policy Committee.
Emefiele also said the MPC would likely deregulate the fuel industry ahead of plans to raise the national minimum wage by 66 percent to N30,000.
The MPC, he said, also expects the economy to grow 2.28 percent this year, in comparison to 2 percent forecast by the International Monetary Fund, and 2.2 percent estimated by the World Bank.