CBN Retains Interest Rate at 14%

Godwin Emefiele
CBN Governor, Mr. Godwin Emefiele

By James Emejo in Abuja

The Central Bank of Nigeria (CBN) on Tuesday resolved to leave the Monetary Policy Rate (MPR), otherwise known as interest rate at 14 per cent.

It also retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent.

Addressing journalists at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Mr. Godwin Emefiele, said among other things that raising MPR at this time could erode the gains recently achieved in its policy decisions.

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…