BREAKING: MPC Retains Interest Rate at 13.5%

By Dipo Olowookere

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced the retention of the benchmark interest rate at the present level, 13.5 percent.

The announcement was made on Tuesday afternoon by the CBN Governor, Mr Godwin Emefiele, at the end of the MPC meeting, which began yesterday in Abuja.

Addressing newsmen after the meeting, Mr Emefiele said the committee agreed to keep the asemetric corridor at +200 and -500 basis point around the Monetary Policy Rate (MPR), which is also interest rate.

Furthermore, the committee said the Cash Reserve Ratio (CRR) should be left at 22.5 percent, while the Liquidity Ratio is retained at 30 percent.

Details later