CBN Maintains Monetary Policy Rate Of 11.5 Percent

MONETARY Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to retain the interest rate of 11.5 percent because it would further help regain stability and lead to growth.

CBN Governor, Godwin Emefiele who made the announcement at the CBN headquarters in Abuja where a two-day meeting of the MPC committee was held, said Cash Reserve Ratio at 27.5 percent and 30 Liquidity Ratio were equally maintained.

Emefiele said the committee applauded the fifth decrease in inflation in the month of August 2021.

The monetary policy committee of the CBN according to Emefiele, unanimously voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR.

The CBN MPC noted that holding stance would allow current recovery in output and decline inflation continue.

It urged the fiscal authority not to relent in its infrastructure initiatives, including diaspora bonds to increase investment in critical infrastructure.

Kayode Shopekan

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