UPDATE 1-The Central Financial institution of Nigeria retains its key fee at 11.5%

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By Chijioke Ohuocha and Paul Carsten

ABUJA, March 23 (Reuters) – Nigeria’s central financial institution on Tuesday saved its key fee at 11.5%, Governor Godwin Emefiele mentioned throughout a briefing to announce the choice.

Six members of the financial institution’s financial coverage committee voted in favor of sustaining charges that may enable the financial institution “to deploy liquidity within the sectors of the economic system to jobs and to stimulate manufacturing,” Emefiele mentioned.

“This might assist consolidate the nation’s restoration course of,” he mentioned.

A 3rd of the Nigerian workforce is unemployed and the economic system grew solely 0.11% within the fourth quarter.

Nigeria’s inflation hit a four-year excessive in February as meals costs jumped greater than 20%, placing monetary strain on households already dealing with a shrinking labor market and stagnant economic system.

Emefiele additionally warned that assaults on farmland – which he blamed on bandits and herders – had been hitting meals manufacturing, pushing up meals costs, one of many nation’s important inflation catalysts. (Reporting by Chijioke Ohuocha and Paul Carsten in Abuja and Libby George in Lagos. Enhancing by Jane Merriman)

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