MPC retains benchmark interest rate at 11.5%, keeps other parameters constant

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%, and other parameters constant.

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

Highlights of the Committee’s decision:
MPR retained at 11.50%
The asymmetric corridor of +100/-700 basis points around the MPR
CRR was retained at 27.5%
While Liquidity Ratio was also kept at 30%

The committee expressed confidence that banks are doing the right thing in managing the country’s economic situation by increasing access to credit to the real sectors of the economy.

The committee also encouraged the banks to continue to use their existing administration to mop up excess liquidity from the economy