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BREAKING: CBN Retains Monetary Policy Rate At 11.5%

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

September 17, (THEWILL) – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the country’s monetary policy rate (MPR) for another period.

This was disclosed by the Governor of the CBN, Godwin Emefiele, on Friday, September 17, 2021, in Abuja after the two-day meeting, noting that the committee decided to hold the key policy rates to allow more time for the implementation of the various interventions of the bank.

According to Emefiele, the benchmark interest rate was left at 11.5 per cent to cushion excess liquidity and further stimulate the country’s economy.

The CBN chief further added that the Asymmetric Window is left at +100 and -700 basis points around the MPR, while the Cash Reserve Ratio (CRR) was left at 27.5 per cent, while the Liquidity Ratio (LR) was kept at 30 per cent.