The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has concluded its two-day meeting in January 2022.
“In its determination as to whether to hold or loosen or tighten its policy stance, the MPC was mindful that, whereas the US and some Advanced Economies have signaled their intention to commence policy normalization which may result in capital flow reversal for EMDEs, the major focus at these climes were targeted mainly at reining in the high level of inflation which had been unprecedented in the last four decades in those climes,” Mr. Emefiele said.
“For Nigeria, members were of the view that Nigeria is confronted with, not only inflation but also fragile output growth. As a result, MPC believes that its current stance of price and monetary stability conducive to growth remain desirable.
The decisions reached were: The benchmark interest rate (MPR) retained at 11.50%,the asymmetric corridor remained at +100/-700 bps around the MPR, the cash reserve ratio retained at 27.50%; and the Liquidity Ratio retained at 30.00%