CBN Retains Interest Rate At 13.50%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 13.50%.

The governor of the Central Bank of Nigeria, Godwin Emefiele, made this known on Tuesday while addressing journalists at the end of the two-day meeting of the monetary policy committee of the bank.

He said $1.2 billion to $1.5 billion is spent every year to import milk.

Emefiele also confirmed that the bank will restrict forex for the importation of milk.

More details soon…