MPC Retains Benchmark Lending Rate At 14 Per Cent
CBN Governor, Godwin Emefiele[/caption]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has retained its key benchmark interest rate at 14%, alongside other parameters.
CBN Governor, Mr Godwin Emefiele, made this known at the end of the MPC meeting held on Tuesday in the nation’s capital, Abuja.
He said the decision was reached after the committee members considered the challenges weighing down the domestic economy and the uncertainties in the global environment to retain the Monetary Policy Rate at 14% alongside all other policy parameters.
He further explained that the committee evaluated other challenges confronting the domestic economy and the opportunities for achieving economic growth and price stability in 2017.
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“The MPC was of the view, that whereas the downward trend in inflation in April 2017 is a welcome development, the rate was still significantly above the policy reference yard.”
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