CBN Retains MPR at 11.5%


By James Emejo

The Central Bank of Nigeria (CBN) Tuesday resolved to leave all monetary policy parameters unchanged, retaining the Monetary Policy Rate (MPR) otherwise known as interest rate at 11.5 per cent with the assymetric corridor of +100/-700 basis points around the MPR.

Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting, in Abuja, the CBN Governor, Mr. Godwin Emefiele, said the committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

He pointed out that the decision to hold the rates at their current levels, despite rising inflation, followed the need to boost output growth, given that the economy had just crawled out of recession.

Details later…