The Monetary Policy Committee of the Central Bank of Nigeria has retained the benchmark interest rate at 13.5 percent.
The Governor of the Central Bank of Nigeria Mr. Godwin Emefiele made this known a while ago at the bi- monthly Monetary Policy Committee in Abuja.
Mr. Emefiele explained that the retention was based on the need to allow time to allow its recent policy directives and economic stimulus impact the economy.
He said it avoided the tightening of the rate to prevent a recession in view of the ravaging effect of the coronavirus on the domestic and global economy.
The CBN Governor also said it refused to loosen the rate to check the rising inflationary pressure, which at the moment stands at 12.20 percent, which he described as detrimental to economic growth.
Mr..Emefiele praised the fiscal authorities for reducing the 2020 budget by 1.5 trillion naira and the benchmark price to 30 dollars from 57 dollar in the budget.
The CBN had last week announced a stimulus of one trillion naira for the economic in the face of the coronavirus along with a series of other palliatives to lessen its impact on the economic, especially small scale businesses.