CBN has retained Monetary Policy Rate at 11.5%.
Gatekeepers News reports that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained the Monetary Policy Rate (MPR) at 11.5 percent.
The apex bank Governor, Godwin Emefiele, made the disclosure on Tuesday during a press briefing at the CBN headquarters in Abuja, the nation’s capital.
Emefiele said the MPC, at the end of the two-day rates decision meeting, voted to also retain the Cash Reserve Ratio at 27.5 percent, and Liquidity Ratio at 30 percent.
Gatekeepers News reports that the apex bank Governor explained that the decision is expected to support further economic growth, after the country exited recession in the fourth quarter of 2020, amid rising inflation.
Concerned about the effect of insecurity on Nigeria’s economy, the MPC also charged the Federal Government to manage insecurity quickly to successfully tackle inflation.