CBN retains benchmark interest rate at 14%

The Central Bank of Nigeria’s Monetary Policy Committee has opted to maintain benchmark interest rate at 14%, intensifying its battle against inflation.

The committee also retained the cash reserve requirement and liquidity ratio at 22.5% and 30% respectively.

It says its stance on the monetary policy was taken because the economy still faces elevated risks.

The committee said it sees the need to encourage foreign capital inflow into the economy through incentives that will boost investor confidence.

It also seeks improved capital budget spending from the fiscal authourities and wants their policies to effectively complement monetary policies .