CBN Retains Interest Rate at 11.5 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the interest rate parameters.

Addressing journalists at the end of the MPC meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele said members of the MPC unanimously agreed to retain retain the Monetary Policy Rate (MPR) at 11.5 per cent.

They also agreed to retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the Cash Reserve Ratio (CRR) at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.

Emefiele also stated that attempts by the United States of America (USA) to adopt the normalisation policy that is to return to pre pandemic economic era does not pose any threat to Nigeria.

Money, particularly foreign exchange, that will flow out of developing economies, he said, will not affect Nigeria since stimulus package released by developed countries to stabilise their economy did not come to Nigeria.