CBN moves against Finance Minister, retains lending rate

CBN moves against Finance Minister, retains lending rate

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Despite the advice of the Minister of finance, Mrs. Kemi Adeosun to the Central Bank of Nigeria to reduce the lending rate, the apex bank insisted that the Monetary Policy Rate remains at the current rate of 14 per cent.
CBN governor, Mr. Godwin Emefiele explained that the members of the Monetary Policy Committee decided to hold the lending rate in order to maintain its primary objective of price stability.
He disclosed that the decision was unanimously agreed by all the ten members of the committee that attended the meeting.
The committee also retain the Cash Reserve Ratio and the Liquidity Ratio at 22.5 per cent and 30 per cent respectively.

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