CBN MPC holds interest rate at 13.5%, says increased inflation was expected

The Monetary Policy  Committee of the Central Bank of Nigeria (CBN) has announced its decision to maintain the monetary policy rate (MPR), which is thr benchmark interest rate at 13.5%.

Addressing journalists on Tuesday after the committee’s two-day meeting, Godwin Emefiele, the CBN governor, said the upward movement in inflation was expected.

Saying the decision was made to protect prices, Emefiele said the cash reserve ratio (CRR) will be retained at 22.5%, liquidity ratio at 30% and asymmetric corridor at +200 -500 basis point.

More to follow…

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