Nigeria's central bank holds rate at 12 percent with plans to lower later

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Nigeria‘s central bank held interest rates at 12 percent on Tuesday, keeping them at the same level as the last two years, but its new governor said he would be seeking a gradual reduction in rates over the next five years.

Governor Godwin Emefiele, at his first Monetary Policy Committee (MPC) meeting since he was sworn in last month, flagged "underlying inflationary pressure" as one reason to be cautious and hold the policy rate as it is.

Read more: Nigeria holds rate at 12 pct, wants to lower it later | Reuters.