CBN Fastens Interest Rate At 14% To Encourage Bank Savings Account

The Federal Government yesterday got a wake-up call on the budget.
Its implementation should be sped up to stimulate economic activities to bridge the output gap and create jobs, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) said yesterday.

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The MPC offered to work with the fiscal authorities to quickly mitigate the economic pains in the country, particularly the discomfort of inflation.

It raised interest rate from 12 to 14 per cent to encourage savings and investment.
Addressing reporters at the end of the bi-monthly MPC meeting in Abuja yesterday, CBN Governor Godwin Emefiele, said “the MPC underscored the imperative of coordinated action, anchored by fiscal policy, to initiate recovery at the earliest time”.

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The MPC, Emefiele said, advocated “for the urgent diversification of the economy away from oil to manufacturing, agriculture and services and called on all stakeholders to increase investment in growth stimulating and high employment elasticity sectors of the economy in order to lift the economy out of its current phase”.