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The Nigerian Apex Bank Sees Challenges Weigh On Loosening Rates

Nov 23, 2020 04:37 PM
The Nigerian Apex Bank Sees Challenges Weigh On Loosening Rates Interest Rate, News Express, Africa Business Radio, Economic Podcast, CBN, Nigeria, Africa Business News, African Podcast, Podcast, Monetary Policy Committee

The National Bureau of Statistics released the Q3 GDP result which showed a growth rate of -3.62% in real terms. it represents an improvement of 2.48% points over the -6.10% growth rate recorded in Q2. 

It confirms that the Nigerian economy has officially fallen into a second recession in 5 years since 2016.

The Central Bank of Nigeria's Monetary Policy Committee is scheduled to hold its final meeting of the year on Monday, 23rd November 2020 facing a myriad of challenges such as the surging inflation numbers, the streak of pressures at the foreign exchange window, recent nationwide civil unrest, alongside several other factors that constrain an economic recovery.

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