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Again, CBN retains all rates on growth fears

The Central Bank of Nigeria (CBN) yesterday retained all rates for the 16th month after a decision to move the nation’s benchmark interest rate from 13 per cent to 14 per cent in July 2017.The rates retained are the Monetary Policy Rate (MPR) at 14 per cent; Cash Reserve Requirement, 22.5 per cent; and Liquidity Ratio at 30 per cent, with the asymmetric corridor also steady at +200 and -500 basis points around the MPR.
CBN Governor, Godwin Emefiele, had hinted recently that although rate easing may be imminent, it would only be at the right time, adding that this time is not a time to take chances.
But yesterday, Emefiele, while presenting the communiqué of the Monetary Policy Committee, raised concerns about potential adverse external developments and the cautious lending and financial intermediation by commercial banks.

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