The Central Bank of Nigeria’s Monetary Policy Committee on Tuesday retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged.

CBN Governor Godwin Emefiele made the announcement while addressing journalists at the bank’s headquarters in Abuja.

The MPR, which has remained unchanged for months, is a powerful tool for regulating interest rates in the economy.

Lowering the rate could have stimulated more borrowing while raising the rate could have signaled the CBN’s intention to reduce the economy’s money supply.