MPC: Nigeria’s CBN holds key policy rate

The CBN governor, Godwin Emefiele, announced this Friday after the Monetary Policy Committee meeting that began Thursday.

The policy rate is the rate at which the central banks lends to banks, which therefore determines the rate at which commercial banks lend money to businesses and individuals. It is used to control money supply in the economy, with a direct implication for economic growth and stability of prices. Addressing journalists at the end of the 2-day meeting of the MPC meeting in Abuja, Mr Emefiele said the committee voted to keep the policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR.

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