Abuja, Sept. 25 (Xinhua) -- Nigeria's central bank on Tuesday retained the Monetary Policy Rate (MPR) at 14 percent for the 13th consecutive time.

This means that the cash reserve ratio still remain 22.5 percent and liquidity ratio 30 percent, Godwin Emefiele, governor of the central bank of Nigeria told reporters in Abuja, the nation's capital.

Emefiele said the monetary policy committee (MPC) considered the impact of liquidity injection from election related spending, and increase in federation allocation to states due to increase in oil receipt.

He added that the committee spending must be curtailed so as not to further increase inflation which had gone up from 11.14 percent in July to 11.23 percent in August.

Emefiele said the committee also noted with concern the rising level of non-performing loans in the banking system and the growth challenges and inflationary pressure on the economy.

According to Emefiele, the MPC wants the government to fast track implementation of the 2018 budget to help jump start the process of sustainable economic recovery.

In addition, he said the committee expects the fiscal authority to fast track implementation of the economic recovery and growth plan to stimulate economic activities and create employment.