CBN releases 2018 economic forecasts

CBN releases 2018 economic forecasts

The Central Bank of Nigeria has said the regulator may change its monetary policy stance next year from the current tightening position to an easing stand that will see the benchmark interest rate come down from the current 14 per cent.

This, it believes, will open an avenue for more loans at lower interest rates from banks to companies.

The CBN has kept the Monetary Policy Rate, the benchmark interest rate that determines the rate banks give loans to customers, at 14 per cent since the half year of 2016.

The CBN Governor, Mr. Godwin Emefiele, said this on Friday in the apex bank’s economic forecast for 2018, while also announcing that inflation rate might drop from the current 15.98 per cent to a single digit.

The CBN also said the country’s external reserves, which had faced daunting challenges, rising since the wake of the fall in oil prices in June 2014, would hit $40bn next year from $34.3bn as of November 3, 2017.

Punch

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