CBN retains benchmark interest rate at 11.5 per cent

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) rose from its 283rd meeting in Abuja, on Tuesday, and announced the retention of all parameters in order not to stall the recovery of the country’s economy which is still very fragile.

Announcing the outcome of the MPC meeting, the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, said the Monetary Policy Rate (MPR) still remains at 11.5 per cent, Cash Reserves Ratio (CRS) at 27.5 per cent and Liquidity Rate holding at 30 per cent.

The CBN Governor informed that all the parameters were retained to curb the inflationary pressures on the economy, boost output and the overall growth of the economy which is still very fragile presently, most especially since the policy has so far worked.

Details later…

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CBN retains benchmark interest rate at 11.5 per cent