CBN MPC retains interest rate at 13.5% in July meeting

July 23, 2019 1:16 PM

The Central Bank of Nigeria (CBN) monetary policy committee (MPC), on Tuesday, retained key lending rate at 13.5%.

Central Bank Governor Godwin Emefiele speaks at the monthly MPC meeting in Abuja, Nigeria, September 22, 2015. REUTERS/Afolabi Sotunde

This is the outcome of the third monetary policy committee meeting of the central bank in 2019.

Godwin Emefiele, CBN governor, while reading communique at the end of the two-day in Abuja, said the committee cut the lending rate to 13.5% while retaining CRR at 22.5% and Liquidity Ratio at 30%.

Emefiele said all members retained key lending rates constant.

This is the rate at which CBN lends to the real sector and often determines the cost of borrowing.

Aderemi Ojekunle

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