The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.
This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the first monetary policy committee meeting of the year, on Tuesday 25th January 2022.
Highlights of the committee’s decision include the retention of MPR at 11.50%, the asymmetric corridor of +100/-700 basis points around the MPR was retained, CRR was retained at 27.5%, while Liquidity Ratio was also kept at 30%.
The MPC observed that inflation in most developed and emerging economies remain high driven by the persistent exchange rate fluctuations and supply bottlenecks.
