• Sunday, March 03, 2024
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CBN holds interest rates at 12%, despite inflation risks

The Central Bank of Nigeria (CBN) held interest rates at 12 percent on Friday, where they have stayed for nearly three years, despite concerns over inflation and reduced food production caused by insurgency in the north.

CBN governor Godwin Emefiele said the bank noted that the naira currency has “depreciated substantially” on the interbank market in past two months, and that there were risks from falling oil production and prices.