CBN’s Expected MPR
The Monetary Policy Committee is meeting on the 18th and 19th of September, and with their meetings comes the review of the macro economic situation in the country, and more importantly to set the monetary policy rate, i.e. the rate at which the CBN lends to commercial banks and other clients. This in turn sets the tone for interest rates on borrowings to individuals or corporates by commercial banks or other lending institutions. The current MPR rate is at 14% and experts believe that the CBN would still retain the rate (having retained the rate for 5 meetings in a row) as the foreign exchange market saw gains during the period and the CBN would be looking to consolidate gains.