Photo credit: Nigeria’s central bank governor Godwin EmefielePhoto source: Reuters
The Central Bank of Nigeria has made a move to boost up the economy. They have a surprise interest-rate cut on concerns of a looming recession and are now wondering if it may be sufficient or not to boost the growth. the meeting was attended by 10 members of the monetary policy committee, out of which 6 voted to lower the rate to 11.5% from 12.5% as informed by the Governor at a briefing in the capital, Abuja, on Tuesday.
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Due to Covid19, the lockdown in many cities to contain the spread of the virus raised the prices of the food prices faster and those remain under pressure due to floods, a weaker naira and clashes between herders and farmers. The government’s move to end fuel subsidies and raise electricity tariffs will add to consumers’ costs.
Data source: Al Jazeera
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