CBN leaves benchmark interest rate at 11.5%

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The monetary policy committee of the Central Bank of Nigeria (CBN) has retained 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 Monday after the committee’s two-day meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the committee members voted to hold key rates steady.

The committee also retained Cash Reserve Requirement at 27.5% and Liquidity Ratio at 30%.