CBN holds interest rate at 11.5%

…To continue managed -floating forex regime

…As Emefiele confirms Tucano jets paid for,

Abuja Bureau Chief The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 11.5 per cent, along with all its parameters. The CBN Governor, Mr. Godwin Emefiele, disclosed  today, while presenting the decisions of Monetary Policy Committee after its two-day meeting in Abuja. He also said that committee retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent, respectively.

According to Mr. Emefiele, the nation was facing stagflation, with a high inflation rate, with a low output growth but that his team was determined to make a significant change through the various interventions of the apex bank. He also confirmed that the Tucano jets for which $1 billion was taken from the federation account, were paid for and that  six of them would arrive in July, to bring about the necessary fight against in security in the country. Details soon…