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Nigeria’s Central Bank after its meeting on Tuesday resolved to retain the Monetary Policy Rate (MPR) otherwise known as interest rate at 11.5 per cent.
Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, after the two-day monthly Monetary Policy Committee meeting, said the committee also resolved to maintain the asymmetric corridor of +100/-700 basis points around the MPR.
The bank also left the Cash Reserve Ratio at 27.5 per cent and Liquidity Ratio at 30 per cent. The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.
