The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday voted to retain the Monetary Policy Rate (MPR) at 11.5 per cent, whilst keeping all other monetary parameters constant.
The Governor of the CBN, Godwin Emefiele made this announcement while reading the communique of the first monetary policy committee meeting of the year.
He said: “After a careful balancing of the benefits and the downside risks of the policy options, the MPC decided to hold all parameters constant, believing that a whole stance will enable the continuous permeation of current policy measures in supporting the recorded growth recovery and further boost production and productivity which will ultimately rein in inflation in the short to medium term.
“The MPC thus decided by a unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
More to come later…
