CBN retains 11.5% Monetary Policy Rate

 CBN retains 11.5% Monetary Policy Rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday voted to hold the Monetary Policy Rate (MPR) at 11.5 per cent for the umpteenth time.

Reading a communiqué after the committee’s  282nd meeting on Tuesday, Mr Godwin Emefiele, the CBN Governor, said the MPC also unanimously agreed to hold all other monetary policy parameters constant.

The Asymmetric Corridor was thus retained at +100 and -700 basis points around the MPR, the Cash Reserved Ratio(CRR) at 27.5 per cent and the Liquidity Ratio at 30 per cent.

Emefiele said the parameters were retained to sustain the growth of the economy.

“This meeting MPC was gratified that its policy actions in the past had started to yield positive result through remarkable improvement in Gross Domestic Product, which stood at 4.03 per cent during the third quarter of 2021.

“There was also the sixth consecutive month moderation in inflation to 15.99 percent in October.

LTV

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