CBN keeps benchmark rate unchanged at 11%

CBN keeps benchmark rate unchanged at 11%

Tuesday, January 26, 2016 2:59 pm

Nigeria’s central bank has kept the benchmark interest rate at 11 percent, its governor Godwin Emefiele said on Tuesday.

Emefiele said the 12 members of the bank’s Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve ratio for commercial banks at 20 percent.

Sixteen of 18 analysts polled by Reuters in the run-up to the Monetary Policy Committee meeting had expected the central bank to hold interest rates steady at 11 percent.

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