CBN Retains MPR At 11.5%, Other Parameters Remain Static

By: 'Dotun Akintomide
Cat:
Business

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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted to retain the Monetary Policy Rate (MPR) at 11.5% as the apex bank kept other parameters the same.

The New Diplomat understands that the MPR is the interest rate at which CBN lends to the commercial banks.

The MPR is also the benchmark against which other lending rates in the economy are pegged and is usually used as an instrument to moderate inflation in the economy.

CBN Governor, Godwin Emefiele revealed the new rates, while reading the communique at the end of the MPC meeting on Tuesday 23rd March 2021.

The Committee kept the asymmetric corridor at +100/-700 basis points around the MPR; CRR was retained at 27.5% while Liquidity Ratio was also kept at 30%.

The MPC made the decision after considering the domestic and external macroeconomic concerns in the country vis-a-vis the financial markets.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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