CBN Keeps Interest Rate at 13.5%

By Dipo Olowookere

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the benchmark interest rate, the Monetary Policy Rate (MPC) in the country at 13.50 percent.

The decision of the committee was announced to the media on Tuesday by Governor of the CBN, Mr Godwin Emefiele, at the end of the two-day MPC meeting held in Abuja.

The apex bank chief further said members of the group agreed to leave the asymmetric corridor at +200 and -500 basis points around the MPR, while the Cash Reserve Ratio (CRR) should remain at 22.5 percent, with the liquidity ratio untouched at 30 percent.

However, he said the committee expressed concerns over macroeconomic parameters in the country, urging on the executive to put up measures to calm situations in the country.

Details later.