CBN sustains key interest rate

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday sustained all monetary policies parameters, in a bid to keep up the battle against inflation.

The MPC had, at the end of its last meeting in January, retained the Monetary Policy Rate (benchmark interest rate), Cash Reserves Ratio and Liquidity Ratio at 14 per cent, 22.5 per cent and 30 per cent, respectively.

MPC said inflation was down, year-on-year, but the food index rose in February from figures recorded in January, mounting pressure on consumers.