MPC Retains Benchmark Interest Rate at 13.50%

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 13.50 percent.

This was made known on Tuesday by Governor of the CBN, Mr Godwin Emefiele, who chairs the committee.

While addressing the media on outcome of the two-day meeting held in Abuja, the CBN chief said members agreed to keep that Monetary Policy Rate (MPR) at the previous level of 13.50 percent due to present key economic indicators.

He said at the end of deliberations, members said there should be asymmetric corridor of +200/-500 basis points around the MPR, the Cash Reserve Ratio (CRR) should be at 22.5 percent and the Liquidity Ratio (LR) should be at 30 percent.

Details later