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CBN retains lending rate at 11.5%

By News Desk

The Central Bank of Nigeria (CBN) through its Monetary Policy Committee, has retained 11.5 per cent as its monetary policy rate.

Other parameters left unchanged are the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

The CBN Governor, Godwin Emefiele, who disclosed this while briefing journalists on Tuesday after the committee’s two-day meeting in Abuja.

“The MPC believes that the existing parameters have supported the growth recovery and should be allowed to continue for a little longer for consolidation to achieve the committee’s mandate of price stability conducive for growth.

“Therefore by unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent,” Emefiele said while announcing the committee’s decision.

He noted that the Committee believed that tightening or losing the rates at this time would be unfavourable to the country’s economic recovery.

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