By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained its benchmark interest rate at 13 percent to preserve foreign exchange reserve that has eroded overtime and to support the weak naira.

In the same vein, cash reserve requirement (CRR) both for the public and private sectors were revised to 31 percent respectively from 75 percent public and 20 percent private. Similarly, the liquidity ratio was held at 30 percent.

Last week the National Bureau of Statistics (NBS) said that inflation rate rose 8.7 percent year-on-year (Y-o-Y) in April up 0.2 percent from 8.5 percent recorded in March.