The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to retain the monetary policy rate (MPR) at 11.5 percent.
This was disclosed by the Governor of CBN, Godwin Emefiele, while reading the communique of the committee at the end of the monetary policy committee meeting on Friday, 17th September 2021.
According to the CBN governor, the decision to keep the interest rate and other parameters was borne out of the decision to continue the gains recorded in the economy.
Other parameters retained are the asymmetric corridor of +100/-700 basis points around the MPR was retained while the Cash Reserve Ratio (CRR) at 27.5%.
CRR is a mandatory part of bank’s total deposit, expressed in percentage, which a bank must maintain with the apex bank at all time was retained.
MPC also voted to retain the Liquidity Ratio at 30%.
The committee noted the improvement in the manufacturing and non-manufacturing PMIs, which increased to 46.9% each from 46.6% and 44.8% recorded in July 2021.
The improvement Emefiele said was largely attributed to an increase in new order and rising demand as well as further growth in economic activities in the country.
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