Middle EastNigerian central bank leaves benchmark rate unchanged, denies new FX policy
ReutersChijioke OhuochaPaul CarstenChijioke OhuochaPaul Carsten
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Nigeria s Central Bank Governor Godwin Emefiele briefis the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde
Nigeria s central bank held its benchmark lending rate at 11.5% on Tuesday, said Governor Godwin Emefiele, who also denied that the country is adopting a new foreign exchange management policy.
The rate decision would allow the bank to deploy liquidity into employment generation and output-stimulating sectors of the economy, Emefiele said, speaking at a briefing to announce the decision. This would help consolidate the country s recovery process, he said.