Again, CBN retains rates

The Central Bank of Nigeria has decided to retain the country’s monetary rates for the sixth time in a roll.
The apex bank retained the benchmark interest rate at 14 per cent, cash reserve ratios for commercial banks at 22.5 per cent, the Liquidity ratio at 30 per cent, Asymmetry corridor at +200 and -500 basis point.
Governor, CBN, Mr. Godwin Emefiele, has said that the decision is based on the need to halt the inflation rate while also controlling growth. According to him, the Monetary Policy Committee alse sees the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the economic recovery and growth plan.
He said, “The inflation rate is at 16.10 per cent as at June, which was 0.15 per cent points lower than the rate recorded in May. This represented the fifth straight decline in the rate of inflation since January 2017. These are indications that the economy is showing strong signs of recovery.”