The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ended its two-day meeting in Abuja on Tuesday, retaining the key lending rate at 14 percent.
The committee’s 263rd meeting, which was chaired by the chairman and CBN Governor, Godwin Emefiele, also left the Cash Reserves Ratio (CRR) rate at 22.5 percent.
Emefiele explained that seven members of the committee that attended the meeting agreed to maintain the current monetary policy stance while three voted to increase the rate.
The MPR is the rate at which the CBN lends to commercial banks and usually determines the cost of borrowing from the banks.
