Business

CBN retains interest rate at 11.5%

By JOHNMARK UKOKO

Central Bank of Nigeria (CBN) has retained its Monetary Policy Rate (MPR), the benchmark interest rate at 11.5 per cent after its Monetary Policy Committee  (MPC) meeting.

CBN Governor, Godwin Emefiele, said the committee members voted to hold key rates steady.

The committee also retained key rates with the asymmetric corridor of 100 to 700 basis points around the MPR and retained the cash reserve ratio (CRR) at 27.5 per cent and liquidity ratio at 30 per cent.

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Emefiele explained that the MPC remains concerned that the global situation of rising prices might continue in the year, but may begin to moderate if deliberate and urgent actions are taken by both monetary and fiscal authorities to correct rising inflation. The Trumpet gathered.

He insisted that the high cost of energy sources in the country was exacerbated by the Russia and Ukraine war, adding that the war had aggravated Nigeria’s inflation.

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