Contrary to widespread expectations, the recession facing the country failed to end in the first three months of the year.
This is according to, a new report from the National Bureau of Statistics.
The NBS in its Gross Domestic Product report released today showed the nation’s GDP contracted by -0.52 per cent year-on-year in the first quarter of 2017,
This represents the fifth consecutive quarter of contraction since 2016.
Meanwhile, Nigeria left its benchmark interest rate unchanged for a fifth consecutive meeting to balance lifting the economy out of its worst slump in 25 years.
Eight out of 10 members of the monetary policy committee voted to hold key rates at today’s meeting.
According to Godwin Emefiele the official naira exchange rate with the dollar remained stable.