The Central Bank of Nigeria has chosen to keep the monetary policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR.
Godwin Emefiele, the CBN governor disclosed this on Tuesday at the end of the Monetary Policy Committee meeting that began on Monday.
Emefiele noted that the bank also retained other parameters as the Monetary Policy Committee (MPC) voted to keep the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.
He explained that the MPC noted that although headline inflation remained above the CBN’s target range of between six and nine per cent, the bank’s intervention in various sectors of the economy would help push inflation downward.
Emefiele indicated that there is a gradual recovery in economic output growth, and hoped the second-quarter growth will be better.
The committee had in May retained the monetary policy rate at 11.5 per cent, with the asymmetric corridor of +100/-700 basis points around the MPR.
MPC claimed the move was foreseen to be an avenue to foster economic growth, despite four-year high inflation.
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