BREAKING: CBN again keeps interest rate at 11%, expresses hope price of food will drop

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on the MPR.

Addressing journalists on Tuesday after the committee’s two-day meeting at the CBN  headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the committee members unanimously retained key rates.

According to Emefiele, the committee voted 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.

CBN said the decision to keep the interest rate was to keep the ongoing growth in the economy.