CBN retains MPR at 11.5%

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The Central Bank of Nigeria (CBN) said on Tuesday that the Monetary Policy Committee of the CBN voted unanimously to retain the Monetary Policy Rate at 11.5 percent.

It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 percent respectively.

Mr Emefiele who announced the committee’s on Tuesday also said it retained the asymmetric corridor of +100/-700 basis points around the MPR.

He said although the economy has succeeded in exiting the recession, the recovery was very fragile, given that the Gross Domestic Product was still far below population growth rate.

The committee, he noted, was of the strong view to consolidate on all administrative measures currently being taken to spur output growth.

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