CBN retains Monetary Policy rates at 11.5 per cent

The Central Bank of Nigeria (CBN’s) Monetary Policy Committee has maintained its key lending rate at 11.5 per cent, also leaving other parameters unchanged.

CBN Governor, Godwin Emefiele announced this on Tuesday during a live broadcast of the MPC Decision Day.

Emefiele said, “The MPC believes that the existing parameters have supported the growth recovery and should be allowed to continue for a little longer for consolidation to achieve the committee’s mandate of price stability conducive for growth.

“Therefore by unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.

In announcing the Committees decision, the CBN Governor believed that tightening or losing the rates at this time would be unfavourable to the country’s economic recovery.