CBN retains benchmark interest rate at 11.5%

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The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.

Speaking to journalists after the committee’s two-day meeting at the CBN headquarters in Abuja, on Friday, Godwin Emefiele, governor of the apex bank, said the committee applauded the fifth decreased in inflation in the month of August 2021.

On exchange rates, Emefiele said the committee also applauded the banks on meeting forex demands and that all forex must be necessarily conducted at the Importer and Exporter (I&E) window to ensure stability.

He said operators must adhere to stipulated guidelines as the apex bank strive to eliminate illegal fx dealers in the country.

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