Sunday, March 7, 2021

CBN retains lending rate at 11.5%

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The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 %

The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday.

It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5%

and 30% respectively.

These rates are the rates the MPC maintained at its last meeting in November 2020.

Meanwhile, a financial expert, Mr Okechukwu Unegbu, has advised the committee to address rising inflationary rates, noting that other relevant rates remained stable and could be maintained.

At the last MPC meeting held in November 2020, key policy decisions reached include the benchmark interest rate which was held at 11%