International investors’ confidence in the Nigerian economy – CBN retains rate at 14 %

International investors’ confidence in the Nigerian economy – CBN retains rate at 14 %

International investors’ confidence in the Nigerian economy – CBN retains rate at 14 %

• As External reserves rise above $34b
• $3 Eurobond oversubscribed by $11b

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 14 per cent.

All other parameters were equally retained. The Governor of the bank, Mr. Godwin Emefiele, disclosed this at a press briefing after the Monetary Policy Committee (MPC) meeting in Abuja.

He also disclosed that the $3 billion Eurobond introduced to the international capital market last week has been oversubscribed by $11 billion.

The development, he said, was an indication of international investors’ confidence in the Nigerian economy. The nation’s external reserves, Mr. Emefiele also disclosed, has risen over $34 billion.

Source: Emma Ujah, VanguardNGR