Business

CBN MPC Retains Rates At 11.5%

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The Central Bank of Nigeria (CBN’s) Monetary Policy Committee has maintained its key lending rate at 11.5 per cent, with the asymetric corridor of +100 and -700 basis points around the MPR.

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At the end of its two-day bi-monthly meeting on Friday, the MPC also retained the cash reserve ratio at 27.5 per cent, and liquidity ratio at 30 per cent, in line with analysts’ expectation.

This comes as the latest report from the National Bureau of Statistics show that Nigeria’s inflation moderated for the fifth consecutive month to 17.01 per cent in August.

At its last meeting in July, the CBN MPC voted to hold all policy parameters constant, believing that it would enable the continued passage of current policy measures in supporting the growth recovery recorded in the second quarter and macro-economic stability.

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