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CBN holds monetary policy rate at 13.5%

CBN

The Central Bank of Nigeria (CBN) on Tuesday  kept its Monetary Policy Rate (MPR) unchanged at 13.5 percent after the two days Monetary Policy Committee (MPC) meeting in Abuja.

This comes not as a surprise as analysts in the financial services sector had expected a hold following an uptick in inflation rate and weak growth.

Nigeria’s inflation rose to 11.98 percent in December from 11.6 percent in November 2019 according data from the National Bureau of Statistics (NBS).

By unanimous decision, Members of the committee the CBN also retained the Cash Reserve Ratio  (CRR) at 22.5 precent, Liquidity Ratio at 30 percent as well as the Assymetric Corridor around the MPR at +200/-500 basis points.