Again, Central Bank refuses to reduce interest rate

TheCable reports that the Central Bank of Nigeria (CBN) Monetary Policy Committee has decided to hold benchmark interest rates at a record high of 14%.

The apex bank governor, Godwin Emeifile, announced that the committee also decided to keep cash reserve ratio (CRR) and liquidity ratio at 22.5% & 30% respectively.

He said the 10 members present at the meeting decided unanimously to keep the asymmetric corridor at +200 and +500 basis points.

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Recall that the apex bank had taken this decision in July 2016.

Speculators had thought the apex bank would downsize the interest rates.

This is a developing story. It will be updated.