CBN retains Monetary Policy Rate at 11.5%

… to pursue growth policies

Nigeria’s central monetary authority, Central Bank of Nigeria (CBN) has retained Monetary Policy Rate, which is the benchmark lending rate at 11 percent.

Confiance News gathered from the apex bank’s official Twitter handle on Tuesday.

Read also: Why CBN will maintain status quo on monetary policy

The decision which was reached at the 277th Monetary Policy Committee (MPC) meeting, also saw the Committee retaining Cash Reserve Ratio at 27.50 per cent.

Liquidity Ratio was left unchanged at 30 per cent just as the Asymmetric Window was retained at +100 and -700 basis points around the MPR.

The CBN governor, Godwin Emefiele at the meeting, however noted that the bank would pursue growth policies and measures that will stimulate consumer spending in 2012.

“We will continue our monetary and price stability mandate but it must be conducive to growth because we need to see positive growth in our economy as well as inflation. They must come together,” he stated.