The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has agreed to retain the monetary policy rate at 11.5 percent.
The declaration was made on Tuesday by the CBN governor, Godwin Emefiele, at the conclusion of a two-day meeting at the CBN headquarters.
The committee also kept the liquidity ratio at 30 percent and cash reserve ratio (CRR) at 27.5 percent.
The CBN governor, disclosed six members agreed to maintain all parameters while three agreed to raise the MPR.
The MPR according to the CBN Governor, to him is the baseline interest rate in an economy and every other interest rate used within an economy is built on the MPR.