CBN Retains Benchmark Interest Rate at 13.5%

By Dipo Olowookere

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent.

This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday.

According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces.

The central bank further said the MPC agreed to leave the asymmetric corridor at +200 and -500 around MPR, liquidity ratio at 30 percent and the Cash Reserve Ratio (CRR) at 22.5 percent.

Details later.