The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the Monetary Policy Rate (MPR), which measures interest rate, at 11.5 per cent.
The MPR is the baseline interest rate in an economy. Every other interest rate used within an economy is built on it.
Addressing reporters yesterday after the committee’s two-day meeting at the CBN headquarters in Abuja, CBN Godwin Emefiele, said the committee members retained key rates.
According to Emefiele, the committee voted to maintain the key lending rate at 11.5 per cent, with the asymmetric corridor of +100 and -700 basis points around the MPR and liquidity ratio at 30 per cent.
“The existing monetary stance is supposedly growth recovery and should be allowed to continue for a little longer for consolidation to achieve the MPC mandate of conducive growth,” Emefiele said.
He said the committee commended the output growth in the last two quarters and urged the apex bank to continue to sustain current efforts to revamp the economy through various interventions.
The committee also reiterated the need to remain cautious and called on the fiscal authority to sustain interventions that would normalise the country’s economy in the short to medium term.
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