Following its first meeting in 2022, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted to retain the Monetary Policy Rate (MPR), which measures interest rate, at 11.5 percent.
The decision was announced at the end of the committee’s first meeting for the year at the CBN headquarters in Abuja.
While addressing journalists, the CBN governor, Godwin Emefiele, said the committee members ended its two-day meeting on Tuesday with a unanimous vote to maintain the Monetary Policy Rate at 11.5 percent.
He said the committee voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR and liquidity ratio at 30 percent.
Emefiele stated that the MPC expects that a hold will signal its realisation of the fragility of the growth recovery and its sensitivity to emerging global and domestic uncertainties.
While explaining further, he said the advanced economies are only raising interest rates because they are facing significant uptick in inflationary pressure, while Nigeria had been witnessing moderations except in December, 2021, which he said was temporary.
