CBN retains benchmark interest rate at 11.5%


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 made known by the Governor of the CBN, Godwin Emefiele, on Friday in Abuja after the committee’s two-day meeting.

Emefiele explained that the committee decided to hold the key policy rates to allow more time for the implementation of the various interventions of the bank.

He thereafter added that the benchmark interest rate was left at 11.5 per cent to cushion excess liquidity and further stimulate the country’s economy.

It urged the fiscal authority not to relent in its infrastructure initiatives, including diaspora bonds to increase investment in critical infrastructure.

On Wednesday, the National Bureau of Statistics (NBS) said the consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the fifth consecutive time to 17.01 percent in August from 17.38 recorded in July.

This rate is 0.37 percent points lower than 17.38 percent recorded last month.

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