MPC Retains MPR at 11.5%, All Other Parameters Too

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.

The Governor of CBN, Godwin Emefiele, revealed this while reading the communique at the end of the monetary policy committee meeting on Friday, 17th September 2021.

The committee noted that continuous intervention in the agricultural sector will help to increase food production in the country, hence moderating the food inflation further, as the current level is still well above the bank’s benchmark.

The committee urged Nigerian banks to increase credit to the economy in order to improve output growth of the economy.

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