CBN Retains Interest Rate at 13.5%


By James Emejo in Abuja

The Central Bank of Nigeria (CBN) Friday resolved to retain the Monetary Policy Rate (MPR) otherwise known as interest rate at 13.5 per cent.

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

Addressing journalists at the end of the two-day meeting of the Monetary Policy Committee (MPC), CBN Governor, Mr. Godwin Emefiele, said the committee further resolved to retain the asymmetric corridor at +200/-500 basis points around the MPR while the Cash Reserve Requirements (CRR) and Liquidity Ratio remained at 22.5 per cent and 30 per cent respectively.

Details later…