Amid Rising Prices, CBN Retains Benchmark Interest Rate At 11.5%

Amid inflationary pressures sparked in part by the Russia-Ukraine war, the Central Bank of Nigeria’s Monetary Policy Committee has retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged.

CBN Governor Godwin Emefiele made the announcement while addressing journalists on Monday.

The MPR, which has remained unchanged for months, is a tool for regulating interest rates in the economy.

Lowering the rate could have stimulated more borrowing while raising the rate could have signaled the CBN’s intention to reduce the economy’s money supply.

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