MPC Holds Interest Rate At 11.5 Percent

CBN Lifts Ban On Aboki FX, 439 Other Accounts

The monetary policy committee of the Central Bank of Nigeria (CBN) has agreed to maintain the monetary policy rate (MPR) at 11.5 percent.

Speaking with journalists on Tuesday after the committee’s two-day meeting held at the CBN headquarters in Abuja, the CBN Governor, Godwin Emefiele, stated that the committee members without exception retained key rates.

Emefiele stated that, the committee voted to keep 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.

“The existing monetary stance is supposedly growth recovery and should be allowed to continue for a little longer for consolidation to achieve the MPC mandate of conducive growth,” Emefiele said.

The apex bank chief stated that the committee commended the output growth in the previous two quarters and encouraged the CBN to continue to sustain current efforts to rebuild the economy through various interventions.

The committee also restated the importance to remain careful and urged the fiscal authority to encourage interventions that would normalize the nation’s economy in the short to medium term.

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