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Central Bank of Nigeria retains interest rate at 12.5%

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The Monetary Policy Committee of the Central Bank of Nigeria has retained the monetary policy rate at 12.5 percent.

Governor of the Central Bank, Mr Godwin Emefiele announced this at the end of the MPC’s meeting on Monday during a virtual press briefing.

Eight members of the committee voted in favour of holding the MPR, while two members wanted it reduced.

In addition to the MPR, the Cash Reserve Ratio (CRR) was retained at 27.5 percent, liquidity ratio at 30 percent, while the Asymmetric Corridor was retained at +200/-500 basis points.

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