Nigeria: MPC As Enabler for Sustained Recovery

1 December 2021

Nume Ekeghe writes on the economic impact of the recent decisions taken by the Monetary Policy Committee in its bid to sustain recovery.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria rose from its final meeting for the year recently without any change in its decision. The committee by unanimous vote, decided to retain the Monetary Policy Rate (MPR) at 11.5 per cent. Members of the committee also voted to retain the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 per cent and the Liquidity Ratio at 30 per cent. These considerations according to the Governor of the CBN, Godwin Emefiele lead the Committee to hold all policy parameters constant to support the enabling environment for sustained recovery.

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