The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has retained the Monetary Policy Rate at 14 per cent, alongside other parameters.
The CBN Governor, Mr Godwin Emefiele, made this known while briefing journalists shortly after the two-day MPC meeting held on Tuesday at the apex bank’s headquarters in Abuja, the nation’s capital.
Mr Emefiele 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 and -500 basis points around the MPR.
The key interest rate serves as the national lending rate in the country.
The CBN governor said seven of the ten members of the committee voted support of the decision.
“In summary, the MPC decided to: Retain the MPR at 14 percent, Retain the CRR at 22.5 per cent; Retain the Liquidity Ratio at 30.00 per cent; and Retain the Asymmetric corridor at +200 and -500 basis points around the MPR,” the Emefiele said.
The decision to raise the key interest rate to 14 percent was made in July 2016 and has been kept at the same level since then. At 14 percent, Nigeria’s MPR is currently at its highest in at least 12 years.