The Central Bank of Nigeria, CBN expects the Nigerian economy to pick up in 2019, forecasting a gross domestic product growth of 3%, up from 1.9% recorded last year.

The CBN governor Godwin Emefiele said this on Thursday, adding that the bank would maintain its tight monetary stance in 2019, and sees inflation at 11.31% in February and rising to 12% this year before moderating.

The governor, who is set to step down in June, told an economic conference in Lagos that the economy would see more growth as the recovery is become self-sustaining.

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Emefiele said he expects volatility in the crude oil market to put pressure on the naira, but that the central bank would maintain its stance on exchange rate over the next year.

He said more than $6 billion had flowed into the local bond market since last month’s presidential election as foreign investors piled into debt to lock in yields as high as 14%.

Economic growth has been recovering since the third quarter of 2016, when the recession bottomed out. Higher oil prices helped Nigeria exit that contraction. In 2018, the economy grew at its fastest pace since the recession.

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