The move is against expectations from finance analysts, manufacturers and the Minister of Finance, Mrs Kemi Adeosun who have all called for a reduction in the benchmark lending rate.

Adeosun had said there was need for the apex bank to consider interest rate cuts as a way of making more money available for borrowing in order to stimulate economic activities.

But addressing journalists shortly after the two-day MPC meeting which was held at the CBN headquarters in Abuja, the CBN Governor, Godwin Emefiele said the bank decided to hold the lending rate in order to maintain its primary objective of price stability.

He also said the decision was unanimously agreed by all the ten members of the committee that attended the meeting.

Apart from the MPR, he said the members of the committee also left the Cash Reserve Ratio and the Liquidity Ratio unchanged at 22.5 per cent and 30 per cent respectively.