CBN Retains Interest Rate at 11.5%

By James Emejo

The Central Bank of Nigeria (CBN), Tuesday resolved to retain Monetary Policy Rate (MPR) otherwise known as interest rate at 11.5 per cent.

The CBN Governor, Mr. Godwin Emefiele, after the two-day monthly Monetary Policy Committee meeting, said the committee also resolved to maintain the asymmetric corridor of +100/-700 basis points around the MPR.

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

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

Details later…