Wednesday, September 21, 2016
Video - Nigeria's Central bank retains benchmark interest rate at 14%
Nigeria's central bank kept its benchmark interest rate at 14 percent on Tuesday, resisting the finance minister's call to lower borrowing costs. Policymakers urged the government to spend more to drag Africa's top economy out of recession. The West African nation is going through its first recession in more than 20 years, brought on by low oil prices, and inflation accelerated to an 11-year high of 17.6 percent in August. The naira has traded at a record low of 425 to the dollar on the parallel market since last week.Finance Minister Kemi Adeosun said on Monday that the central bank should lower interest rates so that the government can borrow domestically to boost the economy.