CBN retains interest rate at 11.5% amidst biting recession

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Rising from the January monetary policy committee meeting, the Central Bank of Nigeria has retained the benchmark interest rate at 11.5 percent even as recession persists.

Just like in November 2020, the CBN retained the asymmetric corridor of +100/-700 basis points around the MPR. It also retained the CRR at 27.5 percent; and retained the liquidity ratio at 30 percent.Briefing journalists at the end of the meeting, the CBN Governor, Mr. Godwin Emefiele also said it will ramp up interventions to aid the economy exit recession at most in the first quarter 2021.

 

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