JUST IN: CBN MPC retains benchmark interest rate at 11.5%

 

The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on the MPR.

This was disclosed by the governor of the apex bank, Godwin Emefiele while addressing journalists on Tuesday after the committee’s first meeting for the year at the CBN headquarters in Abuja.

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Godwin Emefiele, governor of the apex bank, said the committee members unanimously retained key rates.

He said the committee voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR and liquidity ratio at 30 percent.

Throughout 2021, the committee also held MPR constant.