Same of the same?!

On Tuesday, Nigeria’s central bank rose from its monetary policy committee meeting retaining benchmark interest rate at 14%.

The benchmark interest refers to minimum rate investors will demand for investing in a non-Treasury security. It also determines the interest rate financial services providers charge on loans.

It has been at 14% since July 2016.

The MPC said it retained it at the same rate because the recovery Nigeria’s economy has recorded remains fragile.

Also Read: Why CBN Alone Can’t Tackle Nigeria’s Economic Woes – Emefiele

CBN Governor, Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for a cut.

All other policy parameters were kept unchanged.

“Inflation in particular requires very close monitoring to gain clarity on the medium-term optimum path of monetary policy,” Emefiele told a news conference.

“Mr. Emefiele’s hints about future monetary easing were pretty clear. It seems that policymakers are waiting for a more substantial fall in inflation before starting to lower interest rates,” said Capital Economics analyst William Jackson.

Inflation is slowing but remained at an elevated 16% on an annual basis in October. At the media conference, Emefiele said he is optimistic consumer price-growth would moderate to one-digit levels in 2018.

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