The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted to retain the Monetary Policy Rate (MPR) at 11.5 percent, the same rate since September 2020.
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 23rd March 2021.
Cash Reserve Ratio (CRR) and Liquidity Ratio was also retained at 27.5 percent and at 30 percent.
MPR is simply the interest rate at which banks can borrow from the central bank and also the rate at which banks can lend to companies and customers.
The higher the rate the less favourable terms you will get for loans from banks.
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