Central Bank Leaves Nigeria MPC Rate Unchanged

Central Bank Leaves Nigeria MPC Rate Unchanged at 11.5%

By Bashir Olanrewaju

The Monetary Policy Committee of the Central Bank of Nigeria left the benchmark interest rate unchanged today for the third-consecutive meeting.

The Committee also left the cash reserve requirement for banks at 27.50 percent, while the liquidity ratio was left atb30 percent, CBN Governor Godwin Emefiele said at the bimonthly briefing that Abuja.

A majority of the members favoured keeping the rate instead of tightening to keep the flow of funds to sectors of the economy engaged in production in order to boost job creation,  he said.

Some analysts had expected the central bank to seek to rein in liquidity as inflation in February reached 17.33 percent, prodded mainly by food costs which were at 21.79 percent.

Food prices remained at risk of going higher amid the country persisting grazing conflict and banditry in the country’s main food-producing regions.