CBN LEAVES INTEREST RATE UNCHANGED AT 13.5 PERCENT

The Central Bank of Nigeria (CBN) Tuesday resolved to retain the Monetary Policy Rate (MPR), otherwise known as interest rate, at 13.5 per cent.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

The CBN Governor, Mr. Godwin Emefiele, announced this at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja.

Also retained were the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent.