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CBN holds monetary policy rate at 11.5%

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The Central Bank of Nigeria (CBN) on Tuesday kept its Monetary Policy Rate (MPR) unchanged at 11.5 percent after two days of its Monetary Policy Committee (MPC) meeting in Abuja.

This will not come as a surprise as analysts in the financial services sector had predicted the CBN will maintain the status quo following an uptick in inflation rate and weak growth.

Read also: CBN to bar exporters with un-repatriated proceeds from banking services

Nigeria’s inflation rose to 15.75 percent in December from 14.89% percent in November 2020 according to data from the National Bureau of Statistics (NBS).

By unanimous decision, Members of the MPC of the CBN also retained the Cash Reserve Ratio (CRR) at 27.5 precent, Liquidity Ratio at 30 percent as well as the Assymetric Corridor around the MPR at +100/-700 basis points.

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