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The Monetary Policy Committee (MPC) has decided to leave its key interest rate at 14 percent to fight inflation. All members of the committee voted to retain the policy rate, said Godwin Emefiele, CBN governor. It is the ninth consecutive time the committee is voting to retain the interest rate at 14 percent.
The MPC also kept the assymmetric corridor at +200 and -500 basis points.
The MPC noted the improvements in foreign reserves which were over $49 billion on the 29th of March
According to the CBN Governor, “non performing loans are satisfactorily being addressed by banks and as Nigeria pays off its huge contractual debts, the NPL ratio will also come down”.
He also clarified that the decision was reached not necessarily because the members were new but based on facts available.
Details later…
