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Worried about fragile economy, CBN retains lending rate at 11.5%

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The Central Bank of Nigeria (CBN) on Tuesday retained its benchmark interest rate at 11.5 percent after the two-day Monetary Policy Committee (MPC) meeting in Abuja due to slow economic recovery.

This was disclosed by the CBN Governor, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 25th May 2021.

Highlights of the Committee’s decision

MPR retained at 11.50%

The asymmetric corridor of +100/-700 basis points around the MPR

CRR was retained at 27.5%

While Liquidity Ratio was also kept at 30%

READ ALSO: Malami, Emefiele, Ahmed, Bawa dare lawmakers, shun Ad Hoc hearing

Ripples Nigeria on Monday reported that despite two consecutive quarters of growth, about 47.8 percent of the Nigerian economy remains in recession.

The National Bureau of Statistics (NBS) reported on Sunday that Nigeria’s GDP increased by 0.51 percent in the first quarter of 2021.

This is coupled with an inflation rate of 18.12 percent and food inflation at 22.95 percent in April 2021.

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