CBN retains interest rate at 11.5 percent, maintains other parameters

*The Monetary Policy Rate is a powerful tool for regulating the benchmark interest rates in the Nigerian economy

Isola Moses | ConsumerConnect

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has announced it retained the Monetary Policy Rate (MPR) at 11.5percent, and kept all other parameters unaffected.

ConsumerConnect reports Mr. Godwin Emefiele, Governor of CBN, disclosed this development Tuesday, January 25, 2022, while addressing reporters at the Bank’s Headquarters in Abuja, FCT.

It is noted that the MPR, which has remained unchanged for months, is a powerful tool for regulating the benchmark interest rates in the Nigerian economy.

According to the Bankers’ Bank, lowering the rate could have stimulated more borrowing while raising the rate could have signalled the CBN’s intention to reduce the economy’s money supply.