Nigeria's central bank kept its monetary policy rate at 13.50 percent as 9 of its 11 monetary policy members decided this would allow time to better understand the momentum of domestic economic growth amid the declining trend in global output and persistent uncertainties.

Nigeria's central bank lowered its monetary policy rate for the first time in 3-1/2 years, noting "with great satisfaction" the continued decline in inflation, the stability of the naira's exchange rate, a robust level of reserves and positive forecasts for economic growth in 2019.

Nigeria's central bank left its monetary policy rate steady at 14.0 percent, as expected, saying loosening its policy could lead to a fall in the exchange rate of the Naira while tightening policy would result in a loss of the gains achieved in lowering inflation, raise the cost of credit, dampen investments and hamper improvements in output at a time of fragile economic growth.

THE federal government has raised $2.86 billion Eurobond under its Global Medium Term Note Programme to fund the 2018 budget deficit.