The Central Bank of Nigeria (CBN) on Tuesday held its 277th Monetary Policy Committee (MPC) meeting, during which members voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5 per cent.
The MPR is the baseline interest rate in an economy, and every other interest rate used is built on it.
Governor of the CBN, Godwin Emefiele, who read the communiqué from the meeting to journalists in Abuja, said that the committee voted unanimously 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.
“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.
