Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, disclosed this decision during a press conference at the end of a two-day MPC meeting held on Tuesday at the apex bank’s headquarters in Abuja.

He explained at the 270th MPC meeting that the committee unanimously voted to retain the MPR, after the rates were reduced from 14 percent to 13.5 percent in March 2019, the first time the MPR was reduced since July 2016.