The Central Bank of Nigeria (CBN), on Monday, March 21, 2022, retained the 11.5% benchmark interest rate.
According to the apex bank, which made the disclosure of this development, the Monetary Policy Committee (MPC), aside from retaining the Monetary Policy Rate (MPR) at 11.5%, also kept all other parameters unchanged.
The MPR, which has been kept at 11.5% since September 2020 from 12.5% previously, is a tool for regulating interest rates in the economy.
BizWatch Nigeria understands that the decision to retain the benchmark interest rate is to sustain growth recovery, despite the rise in the inflation rate, which accelerated to 15.70% in February from 15.60% in January, according to the National Bureau of Statistics (NBS).
