MPR at 14%
Bank’s Cash Reserve Ratio at 23.5%
Liquidity Ratio at 30%
External reserves now $46.69billion

Despite some experts’ opinion that a reduction in interest rate is a major way to stimulate credit and productivity in the economy, the Central Bank of Nigeria decided today,at its Monetary Policy Committe (MPC )meeting, to maintain the status quo, keeping the MPC rate at 14%.

The MPC Rate in Nigeria averaged 10.72 percent from 2007 -2016 , reaching an all-time high of 14 percent in July of 2016 and a record low of 6 percent in July of 2009.

MPC rate is the monetary rate at which CBN lends money to banks, which subsequently lend to customers after incorporating risk and cost factors. Ultimately the final cost of credit to the consumers become much higher than 14%.

The current bank prime lending rate is 17.53%, whilst the maximum is 31.4%, giving an average of 24.46%.

The lending rates in some developed and African countries:

UK 0.75%
USA 1.75%
CANADA 1.25%
CHINA 4.35%
SWEDEN 0.25%
GERMANY 0.00%
FRANCE 0.00%
NORWAY 1.5%
SOUTH AFRICA 10%
MAURITIUS 8.5%

MPC Mandate

The MPC have responsibility within the Central Bank for formulating monetary and credit policy. Legally, the MPC consists of :

the Governor of the Bank who shall be the Chairman
the four Deputy Governors of the Bank
two members of the Board of Directors of the Bank
three members appointed by the President; and
two members appointed by the Governor

https://www.financialdigest.com.ng

na so

They'll say that there's no evidence that reducing rate will increase lending to real economy

CBN is fruitlessly and artificially fighting inflation,whereas Nigeria's inflation is cost push and can only be fought via input cost reduction such as interest rate