In what analysts regard as wait and see posture the Central Bank of Nigeria, Tuesday adopted a cautious approach in retaining its benchmark interest rate at 13.5 percent.
The action was 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 said at the briefing.
The MPC unanimously voted to retain its rate at 13.5 percent and all the asymmetric at the same level, the governor of CBN said at the briefing.
CBN last week dolled out some policy measures to ameliorate the negative impact of Covid 19, among which were rescheduling and extension of payment and rates on intervention funds, among others
