CBN Retains MPR at 11.5%

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James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to leave all monetary policy parameters unchanged, retaining the Monetary Policy Rate (MPR), otherwise known as interest rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC), in Abuja, the CBN Governor, Mr. Godwin Emefiele, said the committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

He said existing policy stance had so far supported growth and recovery.

Emefiele expressed satisfaction at the moderation in inflation rate which had declined for six consecutive months.

Details later….