Monetary Policy Rate (MPR) is the interest rate used by the central bank of a country or entity to lend money to commercial banks within the jurisdiction of the said central bank. The MPR is the benchmark that other lending rates in the economy of a country or entity are based upon and is an important tool for controlling inflation.
The current monetary policy rate in Nigeria is 11.5%. This was decided by the Monetary Policy Committee of the Central Bank of Nigeria which sits quarterly to decide on the benchmark lending rate to commercial banks in Nigeria.
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