CBN Retains Interest Rate at 13.5%

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Godwin Emefiele
Godwin Emefiele
  • Urges FG to restrict movement to curtail Covid-19 pandemic

James Emejo in Abuja

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

It also retained the cash reserve ratio (CRR) at 27.5 per cent as well as the 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.

Speaking at the end of the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Godwin Emefiele, who read the committee’s communique also urged the federal government to safeguard the lives of Nigerians by restricting movement in order to curtail the impact of the Covid-19 pandemic.

Details later….