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CBN leaves lending rates, others unchanged

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has maintained its key lending rate at 11.5 per cent.

Other parameters left unchanged by the MPC are the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

Related: CBN moves agric loans closer to applicants with finance offices nationwide

At the end of its two-day meeting on Tuesday in Abuja, the CBN Governor, Godwin Emefiele, mentioned that the committee members unanimously voted to retain the monetary policy rate at 11.5%, whilst keeping all other monetary parameters constant.

This will be the 6th consecutive time this year that the rates remained unchanged, Channels Television reported.

The MPC also pointed out that its policy within the last few months is showing results, as reflected in the 4.03% growth in real GDP and the 7th consecutive monthly decline in Nigeria’s headline inflation.

It added that the changing the rates now would be unfavourable to the country’s economic recovery.

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