The Central Bank of Nigeria’s (CBN) monetary policy committee has voted to keep the monetary policy rate at 11.5 percent.
The CBN governor, Godwin Emefiele, declared the committee’s decision at the end of a two-day meeting at the CBN headquarters on Tuesday.
The liquidity ratio was also held at 30% and the cash reserve ratio (CRR) was kept at 27.5 percent by the committee.
The Central Bank of Nigeria also made the N410.25 NAFEX Investor & Exporter forex window rate its official exchange rate to the dollar.
After removing N379/$ earlier in May, it announced this new official rate on its website on Monday night.
The latest move indicates an effort by the Nigerian government to unify the exchange rate for naira, a key requirement put forward by the World Bank for Nigeria to access a $1.5 bilion credit.
Nigeria before now operated three rates, namely, the CBN fixed rate, the Nafex rate and the parallel market.
Naira fell at the black market on Monday to 486 a dollar, a mark it had not touched for months.