By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has left interest rates unchanged contrary to expectations of some Nigerians.
At the end of its two-day Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, November 22, 2016, the apex bank announced that all key indicators remain the same.
Briefing newsmen after the meeting, CBN Governor, Mr Godwin Emefiele, disclosed that Monetary Policy Rate (MPR) is still 14 percent, while the Cash Reserve Ratio (CRR) remains at 22.50 percent and the Liquidity Ratio at 30 percent.
According to Mr Emefiele, retaining all the rates was best for the economy at the moment.
The CBN boss said lowering the rates would not do the country’s economy any good.
Nigeria is presently still battling with recession and efforts are being made by the Federal Government to reflate it, including borrowing money to put down infrastructure.
It would be recalled that on Monday, the National Bureau of Statistics (NBS) disclosed that Nigeria’s economy shrank by 2.24 percent in the third quarter of 2016.
more recommended stories
T-Bills Yields Rise by 0.25% as CBN Sells One-Year Bills at 14%
By Dipo Olowookere Selling pressure dominated.
Seplat Sheds N15 Per Share on News of Chairman’s $144m Court Case
By Dipo Olowookere Shares of Seplat.
Asian Equities Fall on Rising US Interest Rates
By Investors Hub Asian stocks finished.
European Shares Turn in Lacklustre Performance
By Investors Hub European stocks are.