The Central Bank of Nigeria’s Monetary Policy Committee has decided to retain the country’s benchmark interest rate at 14 percent.

The CBN also decided to leave the existing cash reserve ratio for commercial banks at 22.5 percent and the Liquidity Ratio at 30 per cent.

Asymmetry Corridor is maintained at +200 and -500 basis point.

This is the fifth time in a row the CBN has decided to leave all rates at the same level.

CBN Governor, Godwin Emefiele said, “The MPC was of the view that whereas the downward trend in inflation is a welcome development, the rate was still significantly above the policy reference band.

“Committee is particularly with the gradual retreat in inflation, the relative stability in the naira exchange rate across all segments of the market and the improved prospect of foreign inflows.

“The monetary policy committee this is intended to allow the existing policies to achieve their goals and objectives.

“The committee was also concerned that loosening will exacerbate inflationary pressure and worsen the gains so far achieved in exchange rate of the naira.

“It was also convinced that loosening will further increase the negative interest rate.

The apex bank’s decision comes on the same day the country’s Bureau of Statistics announced that the country is still in a recession.

According to data from the country’s Bureau of Statistics, the nation’s Gross Domestic Product (GDP) in the first quarter of 2017 contracted by 0.52% (year-on-year).

This is the fifth consecutive quarter the economy has contracted.

However, during the quarter, aggregate GDP stood at N26 million in nominal terms, compared to N22 million in Q1 2016.

This resulted in a Nominal GDP growth of 17.06%. (TV360 Nigeria)