BREAKING: Again, CBN Holds Benchmark Lending Rate At 11.5%

The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to retain the Monetary Policy Rate at 11.5 percent.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 percent respectively.

Announcing the committee’s decision, the CBN Governor Mr Godwin Emefiele, said, the committee also retained the asymmetric corridor of +100/-700 basis points around the MPR.

He said although the economy has succeeded in exiting the recession, the recovery was very fragile, given that the Gross Domestic Product was still far below population growth rate.

The committee, he noted, was of the strong view to consolidate on all administrative measures currently being taken to spur output growth.

Details later