The Central Bank has left its benchmark interest rate at 12 per cent for the fifteenth time in a row but tightened the cash reserve requirement on private sector deposits by 300 basis points to 15 per cent.

The Acting Central Bank Governor, Dr Sarah Alade told a news conference, where she briefed journalists on the outcome of the Monetary Policy Committee meeting, that the nations inflation rate is stable but expressed concerns over the non- development of  the nation’s industrial sector.

Dr Alade said the nation’s external reserve as at March 2014 stood at N37.8 billion compared with N42 billion realised at the end of December 2013.

Dr Alade first listed the developments in the international market, the domestic market and the external sector development before stating the committee’s decisions.

While inflation rate for the first quarter was put at 7.2 per cent, members of the Monetary Policy Committee said food inflation may not grow beyond the current levels as it expects bumper harvest in 2014.