The CBN Maintains Its Benchmark Interest Rate of 11.5 Percent

The CBN Maintains Its Benchmark Interest Rate of 11.5 Percent

Touchaheart Nigeria reports that the Central Bank of Nigeria’s (CBN) monetary policy committee has opted to keep the monetary policy rate (MPR), which measures interest rates, at 11.5 percent.

Godwin Emefiele, the governor of the Central Bank of Nigeria, spoke to journalists on Tuesday after the committee’s two-day meeting at the CBN headquarters in Abuja. He said the committee members unanimously agreed to keep key rates unchanged.

The committee voted to keep the benchmark lending rate at 11.5 percent, with an asymmetric corridor of +100 and -700 basis points around the MPR, according to Emefiele.