Nigeria retains benchmark interest rate at 11.5%, CRR at 27.5%
By Oludare Mayowa
In spite of the fact that Nigeria’s economy slipped into recession in the third quarter of the year, the Central Bank of Nigeria (CBN) retained its benchmark interest rate at 11.5 percent on Tuesday.
At the end of its Monetary Policy Committee (MPC) meeting, the monetarists retain all the parameters at it was done at its last meeting.
CBN Governor, Godwin Emefiele while announcing the decision of the monetarists in Abuja said the Liquidity ratio was also retained at 30 percent and the cash reserves requirement (CRR) at 27.5 percent.
The CBN sounded an optimistic note on the recovery trajectory of the economy, predicting that the fourth quarter of 2020 GDP growth would likely improve.