Nigeria’s Central Bank retains Key interest rate at 14%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) today retained its key rate at 14 percent, the governor announced.
The Committee also retained the Liquidity Ratio at 30 per cent, and also left the Asymmetric Window at +200 and -500 basis points, CBN governor Godwin Emefiele announced at the end of a two-day meeting of the MPC in Nigeria’s capital, Abuja.
Amefiele said the central bank would soon announce a resolution of the dispute between it and South African telecommunication giant, MTN. The dispute arose following CBN imposition of $8.1b fine on the telecom company for infraction on certification of capital importation.
The MPC said it voted to maintain the Monetary Policy rate to curb inflation. Nigeria’s food inflation fell marginally in October to 11.26 percent, from 11.28 a month earlier, the National Bureau of Statistics said in a statement yesterday.
“Inflation output suggests moderate pressure and stable exchange rate to curb inflation,” said the committee, which has maintained the rate at this level for two years.