26 November 2019: On the 270th meeting of the Monetary Policy Committee (MPC) at the apex bank’s headquarters in Abuja, the CBN governor Godwin Emefiele announced that the members of MPC unanimously voted for the country’s interest rate to stay at 13.5%.

They believe this decision will protect the price of goods and services from skyrocketing in the festival season ahead, and that the impact from border closure was “temporary”. As according to the National Bureau of Statistics, the inflation rate of the country has astronomically grown to its highest in eight months, standing at 11.61%, they believe this decision will help to curb that.

The Policy parameters will be retained as follows:

The benchmark interest rate (MPR) was held at 13.50%

The asymmetric corridor retained at +200bps and -500bps around the MPR

The Cash Reserve Ratio (CRR) remained at 22.50%

The Liquidity Ratio retained at 30.00%.

Reporting for EasyKobo on Tuesday , 26 November 2019 in Lagos, Nigeria