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The Central Bank of Nigeria (CBN) has retained the monetary policy rate (MPR) at 11.5 percent.
The decision was announced on Tuesday by the Central Bank of Nigeria governor, Godwin Emefiele, after the committee’s two-day meeting at its headquarters in Abuja.
It should be noted that the last monetary policy committee meeting, the members as well voted to retain MPR at 11.5 percent – the rate it had been since September 2020.
The Apex Bank Governor said, “The MPC made the decision to hold all policy parameters constant. Committee thus decided by a unanimous vote to retain monetary policy rate at 11.5%”.
“MPC voted to retain asymmetric corridor +100 -700 basis points. It also voted to retain cash reserve ratio at 27.5% and retain liquidity ratio at 30%.”
The action of the CBN monetary policy committee is in line with the recommendation of the IMF.
In its latest World Economic Outlook (WEO) released on Tuesday, IMF advised central banks to look through transitory inflation pressures and avoid tightening until there is more clarity on underlying price.