CBN Retains Interest Rate at 11.5%

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The Central Bank of Nigeria (CBN) Friday resolved to retain Monetary Policy Rate (MPR), otherwise known as interest rate, at 11.5 percent and the asymmetric corridor of +100/-700 basis points around the MPR.

The apex bank also left the Cash Reserve Ratio at 27.5 percent and Liquidity Ratio at 30 percent.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

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CBN Governor, Mr. Godwin Emefiele, at the end of the 2-day meeting of the Monetary Policy Committee (MPC), said the decision to hold the rates constant was to support the current growth recovery.

Details later…

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