The Central Bank of Nigeria (CBN), says the Nigerian economy has maintained a positive growth trajectory for nine consecutive quarters, since exiting recession in 2020.
The CBN Governor, Mr Godwin Emefiele, said this on Tuesday in Abuja, when he read the cominique issued at the end of the 290th meeting of the Monetary Policy Committee (MPC) meeting of the apex bank.
According to Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
Meanwhile, the Monetary Policy Committee has voted to increase the benchmark interest rate by 50 basis points to 18 Percent.
The committee also pegged the liquidity ratio at thirty percent.
The tightening of the rate according to the apex bank governor is expected to curtail inflation currently put at twenty-one percent.
On naira redesign, Emefiele explained that the bank aligns itself with the Supreme Court’s judgement as currency in circulation (redesigned naira) is about one trillion naira.
He assured that the bank will continue to pump more currency into the system but with caution.