Again, CBN MPC retains key interest rate at record high

For the second time in four months, the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) decided on Tuesday to hold benchmark interest rates at record high of 14 percent.

Godwin Emefiele, governor of the bank, announced that the committee also decided to keep cash reserve ratio (CRR) and liquidity ratio at 22.5 percent and 30 percent respectively.

He said the 10 members present at the meeting decided unanimously to keep the asymmetric corridor at +200 and +500 basis points.

The CBN took this decision in July 2016, and has since decided to maintain all rates through 2016 and for the early portions of 2017.