MPC retains benchmark lending rate at 13.5%

CBN blocks bank accounts of rice, textile smugglers
Godwin Emefiele


The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday left the Monetary Policy Rate (MPR) unchanged at 13.5 percent.

CBN governor, Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the bank’s headquarters in Abuja.

Emefiele explained that all 11 members that attended the meeting unanimously agreed to hold the monetary policy stance.

The governor said apart from the MPR that was retained at 13.5 percent, the committee decided to hold the Cash Reserves Ratio at 22.5 percent.

Also retained are the Liquidity Ratio, which was left at 30 percent; and the Asymmetric Window, which was left at +200 and -500 basis points around the MPR.