CBN retains interest rate at 11.5 %

The Central Bank of Nigeria has retained its monetary policy rate at 11.5 per cent, with the asymmetric corridor of +100/-700 basis points around the MPR.

The CBN governor, Mr Godwin Emefiele, who announced this, on Tuesday, after the Monetary Policy Committee meeting, which began in Abuja on Monday, said the MPC also also retained other parameters of the MPR.

Addressing journalists at the end of the 2-day meeting, Mr Emefiele said the committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

The move is expected to allow further economic growth, despite four-year high inflation, after the country exited recession last year.

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