Central Bank Retains Rate 11.5%

26/05/2021 54 Views

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 11.5 per cent, along with all its parameters. The CBN Governor, Mr. Godwin Emefiele, disclosed this Tuesday while presenting the decisions of Monetary Policy Committee after its two-day meeting in Abuja.

He also said that the committee retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent, respectively.

According to Mr. Emefiele, the nation was facing stagflation, with a high inflation rate, with a low output growth but that his team was determined to make a significant change through the various interventions of the apex bank.

He also confirmed that the Tucano jets for which $1 billion was taken from the federation account, were paid for and that six of them would arrive in July, to bring about the necessary fight against insecurity in the country

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