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Nigeria concerned about economic growth

by ChemOrbis Editorial Team -
  • 25/03/2015 (15:31)
According to local media sources, Nigeria’s Central Bank left their benchmark interest rate unchanged on Tuesday at 13%. According to the bank, tight monetary policy should offset the inflationary effects of elevated spending ahead of a March 28 election.

Governor Godwin Emefiele said that the Monetary Policy Committee was also satisfied with the bank’s attempts to stabilize the local currency, the naira, which has come under major pressure in the last six months due to the collapse in oil prices. According to Emefiele, confidence is likely to improve and business is likely to revive after the elections.

“I am worried about the outlook for economic growth, but investment and business confidence should pick up once Africa’s most populous nation successfully navigates this weekend’s election,” said Emefiele.
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