Nigeria’s Apex Bank Governor Rules Out Cut in Interest Rates

Rate cut will be considered in 2020 when Nigeria’s inflation rate hopefully hits a single digit – Godwin Emefiele.

The governor of the Central Bank of Nigeria, Godwin Emefiele, has ruled out the cut in interest rates until there is a drop, in inflation which is already at double digits to a single digit of 9%. The Apex bank governor disclosed this during an interview in London, United Kingdom. He also expressed hope that, Nigeria’s inflation rate will hit a single digit mark in 2020, and at that time, rate cut will be considered.

At another forum in Lagos, Nigeria, the CBN Governor, represented by CBN Deputy Governor, Economic Policies, Joseph Nnanna, also charged the banking sector to live up to its primary responsibility of stimulating the economy through the advancement of credits to the real sector to create jobs.