BREAKING: CBN Retains Benchmark Lending Rates

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 a two-day MPC meeting held on Tuesday at the apex bank’s headquarters in Abuja, the nation’s capital.

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 basis points.

“In summary, the MPC decided to: Retain the MPR at 14 per cent , 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,” he said.

He said the decision was reached after 6 of 8 members that attended the meeting voted to retain the rate, with the other 2 voting to “ease the stance of monetary policy”.

The governor said the decision was reached after the committee considered the headwinds facing the economy and the uncertainties facing the global market.