Again, MPC Retains Lending Rate at 14%

CBN Governor, Mr. Godwin Emefiele

By Ndubuisi Francis in Abuja

For 14 unbroken time, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) Thursday retained the Monetary Policy Rate (MPR) otherwise known as lending rate at 14 per cent.

The Committee also retained the Cash Reserves Ratio (CRR) and Liquidity Ratio at 22.5 per cent and 30 per cent respectively, as well as the asymmetric corridor at +200 and -500 basis points around the MPR.

All 11 members of the committee voted to hold the rates.

The CBN Governor, Mr. Godwin Emefiele, who read the communique at the end of the two-day MPC meeting, noted that the committee considered the drop in inflation which is seasonal and not sustainable, adding that the upside risk to inflation still remains.

Details later