September 24, 2023

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CBN Retains Interest Rate At 11.5%


CEM REPORT | Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate (MPR) or interest rate at 11.5% and kept all other parameters unchanged.

Central Bank Governor, Godwin Emefiele, disclosed this at a press briefing after the Monetary Policy Committee rose from the first meeting of the year held in Abuja on Tuesday.

Emefiele said, “After a careful balancing of the benefits and the downside risks of the policy options, the MPC decided to hold all parameters constant, believing that a whole stance will enable the continuous permeation of current policy measures in supporting the recorded growth recovery and further boost production and productivity which will ultimately rein in inflation in the short to medium term.

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“The MPC thus decided by a unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

The MPC has kept MPR unchanged for months, being a tool for regulating interest rates in the economy. A lowered interest rate stimulates more borrowing while raised interest rate discourages borrowing meant to reduce the economy’s money supply.


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