MPC Retains Benchmark Lending Rate at 14 Percent

• MPC Retains Benchmark Lending Rate at 14 Percent

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 14 per cent.

The CBN Governor while briefing journalists shortly after the two-day meeting held at the apex bank’s headquarters in Abuja explained that out of the ten members that attended the meeting, nine voted to retain the rate while one voted for an increase.

He also said the committee retained other monetary policy parameters such as the Cash Reserves Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at 200 basis points.