CBN retains 13% lending rate

Godwin Emefiele, CBN governor

The Monetary Policy Committee of the Central Bank of Nigeria on Friday retained the monetary policy rate, otherwise known as the lending rate to banks, at 13 per cent.

The CBN governor, Godwin Emefiele, said at the end of the MPC meeting in Abuja that the committee also resolved to keep the cash reserve requirement at 31 per cent, with inflation at the moment standing at about 9.2 per cent, according to the National Bureau of Statistics.

The CBN governor said the insistence on Nigerians to register and get their bank verification numbers was to ensure that henceforth nobody buys foreign exchange from Bureau de Change, or undertake any bank transaction, without his/her personal data being captured for records purposes.

More later …

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