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BREAKING: CBN Keeps Monetary Policy Rates at 14%

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN), rising from its Monetary Policy Committee (MPC) meeting on Tuesday, March 21, 2017, says it is retaining all the Monetary Policy Rates (MPR) at 14 percent.

Addressing newsmen after the meeting held in Abuja, the CBN Governor, Mr Godwin Emefiele, also said the Federal Government must step up efforts to implement the Recovery and Growth plan aimed to revamp the country’s economy.

Mr Emefiele further announced that apart from the benchmark interest rate being left at 14 percent, the existing cash reserve ratios for commercial banks is also left at 22.5 percent, while the Liquidity Ratio at 30 percent.

He told journalists that the Asymmetry Corridor was also retained at +200 and -500 basis point.

Before the two-day meeting, there were speculations that the CBN may decide to lower the rates this time after Nigeria recorded the first drop in its inflation rate in 15 months; from 18.72 percent in January 2017 to 17.78 percent in February 2017.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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