The Central Bank of Nigeria has yet again retained its benchmark rate at 11.5 per cent, and other key monetary policy parameters.
The CBN governor, Godwin Emefiele, announced this on Tuesday after the Monetary Policy Committee meeting.
Addressing journalists after the first meeting of the year 2022, Mr. Emefiele announced that the committee unanimously retained key rates, with the assymetric corridor of +100/-700 basis points around the MPR.
The benchmark rate is the rate at which the central banks lends to banks, which therefore determines the rate at which commercial banks lend money to businesses and individuals.
It is used to control money supply in the economy, with a direct implication for economic growth and stability of prices.
The committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the liquidity ratio at 30 percent.