BREAKING: CBN Retains Benchmark Interest Rates, Two Years In A Row

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has retained the Monetary Policy Rate at 14 per cent, alongside other parameters.

The CBN Governor, Mr Godwin Emefiele, made this known while briefing journalists shortly after the two-day MPC meeting held on Tuesday at the apex bank’s headquarters in Abuja.

He said the committee reached the decision on the consideration to await more clarity on economic activities.

Mr Emefiele also said the committee retained other monetary policy parameters such as the Cash Reserves Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at +200 and -500 basis points around the MPR.

Today’s decision means the committee has now maintained this decision for two consecutive years.

The key interest rate serves as the national lending rate in the country.

The CBN governor said all members of the committee voted unanimously in support of the decision.

Nine members of the committee were present at the meeting.

“In summary, the MPC decided to: Retain the MPR at 14 percent, Retain the CRR at 22.5 per cent; Retain the Liquidity Ratio at 30.00 per cent; and Retain the Asymmetric corridor at +200 and -500 basis points around the MPR,” the Emefiele said.

Recall that the Central bank had in its last MPC meeting on April 4, 2018, maintained status quo on rates.