CBN holds interest rate at 11.5%


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 after the second meeting of the year with the Committee in Abuja.

Emefiele explained that the move is to sustain growth recovery, despite the rise in inflation rate, which accelerated to 15.70 percent in February from 15.60 percent in January according to the National Bureau of Statistics (NBS).

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.

Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.

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