CBN retains benchmark interest rate at 13.50%, plans to restrict forex for milk importation.

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 13.50 percent and hold all other parameter constant.

The governor central bank of Nigeria Godwin Emefiele at the post-meeting press conference Tuesday in Abuja said that all the members present at the meeting unanimously agreed to retain the current monetary policy stance.

He said that the decision was informed by the conviction of members that the key macroeconomic indicators are trending in the right direction.

 Emefiele added that the committee also held other parameters constant with Cash Reserves Ratio at 22.5%, Retain the asymmetric corridor of +200/-500 basis points around the MPR and retain liquidity ratio at 30%.

The apex governor said that the bank plans to restrict forex for the importation of milk which can be produced locally noting that the bank  is ready to facilitate loans for local milk production.

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