CBN keeps MPR at 11.5%

The Central Bank of Nigeria (CBN) has resolved to retain all monetary policy parameters unchanged, leaving the Monetary Policy Rate (MPR) also known as interest rate at 11.5 per cent with the asymmetric corridor of +100/-700 basis points around the MPR.

The CBN Governor, Godwin Emefiele, made this announcement while speaking to journalists after the MPC meeting on Tuesday.

According to Emefiele, the committee voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

He further explained that the decision to hold the rates at their current levels, despite rising inflation, followed the need to boost output growth, given that the economy had just crawled out of recession.