CBN Keeps Monetary Policy Rate At 11.5%, Other Parameters Constant

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted to retain the Monetary Policy Rate (MPR) at 11.5%

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 23rd March 2021.

The committee also retained the liquidity ratio at 30 percent and cash reserve ratio (CRR) at 27.5 percent.

The CBN governor said six members voted to maintain all parameters while three voted to increase the MPR.

The MPR is the baseline interest rate in an economy and every other interest rate used within an economy is built on the MPR.

The committee had earlier in September 2020 agreed to reduce the benchmark interest rate to 11.5 percent from 12.5 percent.