The Central Bank of Nigeria (CBN)'s Monetary Policy Committee (MPC) left the benchmark rate - otherwise known as the Monetary Policy Rate (MPR) unchanged, but warned that it would not hesitate to resume monetary policy tightening if the National Assembly went ahead to increase crude oil price benchmark from $70 per barrel to $75 or more.
The committee said the benchmark rate was left unchanged because whatever impact the hike in petrol price will have on inflation will be short-termed and not what should unsettle the apple's cart.
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