The CBN Governor disclosed on Tuesday that the Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 percent. The committee reached this decision at the end of its two day meeting in Abuja.
Other key decisions taken by the committee include; retaining the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
Announcing the committee’s decision, Emefiele said, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
Emefiele noted that the rate of GDP growth of 0.51% was still far below the population growth rate, and that the recovery of the economy as it exited recession was still very fragile.
According worldometers.info the growth rate of Nigeria’s population in 2021 was 2.58 percent, 2.6 percent in 2019 and 2.62 percent in 2018.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur