FX RATES
FX RATES

MPC votes to retain benchmark interest rate at 11.5%

 

 

 

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.

This was disclosed by the CBN Governor, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 27th July 2021

  • MPR retained at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%

FIG 1.0

 

The diagram above descrided money market indicators for 2021 with monetary policy rate over time being the centre peice.

  • The MPR remains at a stable rate with the cbn announcing the rate at 11.5%.
  • In contrast maximum lending is on an increase at June the value was at 29.%.
  • prime lending as well as inter banking call rate is beginning to rise showing spike of 11.67% and 16.57% respectively.

 

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