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CBN Retains Benchmark Rate to Achieve Accelerated Growth

Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde - RC1D90C799D0

November 23, (THEWILL) – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained its benchmark and policy rates at the last meeting of the year held November 22-23, 2021.

The policy rate is the rate at which the central bank lends to banks, which, in turn, determines the rate at which commercial banks lend money to businesses and individuals.

Addressing journalists at the end of the two-day meeting of the MPC in Abuja Tuesday, the CBN governor, Godwin Emefiele, said the committee voted to keep the policy rate at 11.5 per cent, with the asymmetric corridor of +100/-700 basis points around the MPR.

The committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

It said the decision was to sustain the growth trajectory that has been witnessed in the economy since the beginning of the year when the economy exited recession.

More details soon.