{"id":6991,"date":"2013-07-23T20:26:46","date_gmt":"2013-07-23T20:26:46","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/cbn-retains-12-interest-rates\/"},"modified":"2013-07-23T20:26:46","modified_gmt":"2013-07-23T20:26:46","slug":"cbn-retains-12-interest-rates","status":"publish","type":"post","link":"https:\/\/disnaija.com\/cbn-retains-12-interest-rates\/","title":{"rendered":"CBN retains 12% interest rates"},"content":{"rendered":"
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The Central Bank of Nigeria (CBN) has once again pegged the interest rates at 12 per cent.<\/p>\n

Addressing journalists after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, the CBN governor, Mallam Sanusi Lamido Sanusi, disclosed that the MPC decided to hold the Monetary Policy Rate (MPR) at 12 per cent and maintain the symmetric corridors round MPR at +\\- 200 basis points.<\/p>\n

A new twist was introduced at the last MPC meeting when the CBN governor disclosed that the committee has also decided to retain the Cash Reserve Ratio (CRR) at 12 per cent for private sector deposit and introduce 50 per cent CRR for public sector deposits.<\/p>\n

Speaking on what informed the apex bank’s decisions, Sanusi stated that “at the time when government is borrowing more and saving less you don\u2019t expect monetary authorities to lower interest rates.”<\/p>\n

He said two concerns informed the MPC’s decision.<\/p>\n

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Posted in Nigerian Newspapers. <\/a>A DisNaija.Com<\/a> network.<\/p>\n

Source: The Nation Newspaper<\/p>\n

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