CBN retains benchmark interest rate at 13.5 %

The Central Bank of Nigeria (CBN) on Tuesday retained the benchmark interest rate at 13.5 per cent to further allow its policy effect on the system and the current palliative measures adopted by the bank to ameliorate the impact of Covid-19 on the economy.

The bank said the reduction in the benchmark interest rate will not automatically lead to a reduction by banks.

The MPC unanimously voted to retain its rate at 13.5 percent and all the asymmetric at the same level, the governor of CBN Godwin Emeefiele said at the briefing.