CBN Committee Retains Benchmark Interest Rate At 11.5%

Governor of the Central Bank of Nigeria, Godwin Emefiele, made the announcement to press at the bank’s headquarters in Abuja.

The MPR is a significant weapon for regulating interest rates in the economy, and it has stayed unaltered for months.

Lowering the rate would have encouraged more borrowing, whereas raising it would have signaled the CBN’s intention to shrink the economy’s money supply.