By Abdullahi Mohammed
The Central Bank of Nigeria(CBN) has retained the country’s key interest rate at 13%, with Cash reserve ratio at 31%.
The CBN Governor, Godwin Emefiele who made this known on Friday ,24th of July while briefing newsmen on the outcome of the monetary policy committee meeting held in Abuja, said 8 out of 12members of the MPC voted to hold the rate at 13percent.
The apex Governor noted the impact of the positive outcome of the just concluded elections on macro-economic development, adding that “the Apex bank was committed to maintaining the current stability in the banking system, amid fragile and moderate global economic growth”.
He however acknowledged the drop in the NSE all share index, due to factors leading to the build up for the elections.
He also stated that the country’s foreign reserves has grown to $30billion impressively as it was not ostentatiously displayed
