The Central Bank of Nigeria has retained the monetary policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR.
The CBN governor, Godwin Emefiele, announced this Tuesday after the Monetary Policy Committee meeting that began Monday.
The bank also retained other parameters.
Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting in Abuja, Mr Emefiele said the committee also voted to retain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.
The move is expected to allow further economic growth, despite four-year high inflation, after the country exited recession last year.
Earlier in the week, the National Bureau of Statistics (NBS) reported that the nation’s gross domestic product (GDP) rose by 0.51 percent in the first quarter of 2021.
In his address on Tuesday, Mr Emefiele said economic recovery remains fragile, despite the GDP growth.
The CBN governor urged the government to consolidate efforts on addressing the security and infrastructural challenges militating against growth.
“In the view of the MPC, although the economy has recovered from recession, the recovery was very fragile given that the GDP of 0.51% was still far below population growth rate,” the CBN governor said.
“The committee therefore was of the view that there is a strong need to consolidate on all administrative measures currently being taken to spur output growth.”
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