The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has warned that economic recession is imminent. Emefiele said this during the apex banks's monetary policy committee (MPC) meeting.

"The conditions that led to the contractions in the first quarter of 2016 were still largely unresolved.

The recession which was signalled in July 2015, now appears imminent.”he said According to Emefiele, the previous decisions of the MPC need time to crystallize, hence, there was no need adjusting rates.

Stating the decision as the least risky option, the committee asked the CBN to work on a flexible exchange rate system. It did not mention whether or not devaluation of the Naira was needed.

The bank said the monetary policy rate (MPR) and cash reserve ratio (CRR) will remain at 12 percent and 22.5 percent respectively.