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- The Central Bank Monetary Policy Committee Voted to Keep its Benchmark Interest rate at 13% today
- The Committee decided by a vote of 8 to 4 to retain the Monetary Policy Rate at its current level of 13 per cent, by a unanimous vote to retain the CRR at 31 per cent while 4 members voted to remunerate the CRR.
- This the CBN voted to retain the MPR at 13 per cent with a corridor of +/- 200 basis points around the midpoint;
- Retain the CRR at 31 per cent; and
- To retain the symmetric corridor of 200 basis points around the MPR.
- Godwin Emefiele also opposed devaluation again and also rejected the idea of loosening the FX curbs, saying the central bank could not adopt an “indeterminate policy” of currency depreciation
