The Central Bank of Nigeria, (CBN), has retained the Monetary Policy Rate (MPR) at 13.5% as part of precautionary measures to curtail the negative impact of Coronavirus on the economy.
CBN Governor, Godwin Emefiele, on Tuesday, announced the decision of the Monetary Policy Committee (MPC), stating that all other parameters were retained.
Emefiele said retaining the rates was necessary due to the dwindling price of oil, adding that it was part of the N3.5 trillion intervention funds earlier announced by the apex bank would balance the rates.
The MPC said that increasing the MPR would contradict the reduction of interest rate on government interventions which it reduced from 9% to 5%.
The committee also said that it maintained the rates to avoid allowing the country go into recession, adding that an increase in rates would land the country in recession.