ABUJA — The CBN’s monetary policy committee has decided to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.
The committee unanimously voted to retain the key lending rate of 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR.
Godwin Emefiele, the apex bank governor confirmed this to journalists on Friday following the committee’s two-day meeting at the CBN headquarters in Abuja.
The governor stated that the committee concluded that the holding stance would allow current recovery in output and a decline in inflation.
He asked the fiscal authority not to relent in its infrastructure initiatives, including diaspora bonds to increase investment in critical infrastructure.
The National Bureau of Statistics (NBS) had on Wednesday stated that the consumer price index (CPI) declined for the fifth consecutive time to 17.01 percent in August from the 17.38 percent recorded in July.
This rate is 0.37 percent points lower than what was recorded last month.
Since March 2021, Nigeria’s inflation rate has been on a downward trend. The Central Bank of Nigeria (CBN) projected that it may drop to 13 percent this year and a single-digit rate by 2022.
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