(Updated) CBN MPC retains interest rate at record high

 The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) Tuesday voted to retain benchmark interest rates at record high of 14 percent.

Central Bank Governor, Godwin Emefiele, announced that the committee also decided to keep cash reserve ratio (CRR) and liquidity ratio at 22.5 percent and 30 percent respectively.

At the post-MPC meeting briefing, Godwin Emefiele,the CBN Governor, said  that the liquidity ratio was kept within the symmetric window of +200 and -500 basis points around the MPR.

The CBN Governor, who said the economy was still in recession, said it was time government stepped up efforts to settle domestic indebtedness to states to help revamp the economy.

He said part of the efforts should include attempts to revamp some moribund industries that helped create jobs in the past, to create employment opportunities for young university graduates.