Recession: CBN Retains Lending Rates

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The Monetary Policy Committee of the Central Bank of Nigeria has retained key lending rates at 11.5%.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced this on Tuesday, saying it is part of efforts to boost the economy towards a sustainable recovery from the recession.

This comes days after a new report released by the Nigeria Bureau of Statistics, showed that Nigeria had slipped into another recession after the economy shrank in the third quarter of this year.

The same happened in 2016, making it the second recession in a space of four years.

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, the recession was anticipated and measures had been 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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