it has been confirmed that the Nigeria's national bank held its benchmark lending rate at 12.5%, the representative said on Monday, including that individuals from the financial approach advisory group needed to survey the effect of a 100-premise point rate cut at the last gathering.
Godwin Emefiele said eight of the 10 board individuals casted a ballot to hold the rate and two decided in favor of a rate cut.
In May the bank startlingly cut the rate by 100 premise focuses to 12.5% from 13.5%. It was the biggest rate cut since 2015.
"The panel was aware of the cut in strategy rate at the last MPC (board) addressing and the need to permit time for its impact to pervade the economy," said Emefiele.
Emefiele said the rate cut was having a "positive effect" as credit development had expanded altogether in the economy.