CBN maintains interest rate, cash reserve ratio

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) at the end of third quarter meeting on Tuesday retained its benchmark interest rate at 14 per cent and cash reserve ratio at 22.5 per cent.

The CBN Governor, Godwin Emefiele while briefing journalist at the end of the committee meeting, said the committee decided that monetary policies alone could not totally save the economy.

He called on the fiscal side of government to complement the CBN’s monetary policies.

All 10 members of the MPC voted to keep interest rate at 14 per cent. Cash reserve ratio (CRR) and liquidity ratio were also maintained at 22.5 per cent and 30 per cent respectively.

Also, the MPC kept the asymmetric corridor around the MPR was retained at +200/-500bps and the liquidity ratio at 30 percent apiece.