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CBN retains lending rate at 11.5%

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

This was disclosed by the committee at the end of its two-day bi-monthly meeting today.

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 action follows the latest report from the National Bureau of Statistics, which stated 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 had 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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Naija Times