Nigeria: Sanusi - Corruption, Insecurity Threaten GDP Growth

The increased level of corruption and insecurity in the northern part of the country as well as mixed signals from power and petroleum sector reforms were likely to affect Nigeria's output performance, according to the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi. Moreover, the CBN for the ninth time in a row decided to leave the Monetary Policy Rate (MPR) also known as the benchmark interest rate at 12 per cent with a corridor of +/- 200 basis points. It also maintained banks' cash reserve requirement (CRR) at 12 per cent and liquidity ratio at 30 per cent with the net open position at 1 per cent.