CBN retains key lending rates amid economic recession

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The Monetary Policy Committee has retained key lending rates at 11.5%.

The Monetary Policy Committee (MPC) has retained the key lending rates at 11.5 percent, a decision, which the CBN Governor, Godwin Emefiele, was meant to bost the economic growth of the country.

The aggregate economic growth report released by the Nigeria Bureau of Statistics indicated that Nigeria has slipped into another recession after the economy shrank in the third quarter of this year. This is the second recession the country has witnessed in a four year period.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.

According to Emefiele, recession was anticipated and measures were put in place to manage its impact.

Meanwhile, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021.

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