The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its maiden meeting of the year, retaining the Monetary Policy Rate (MPR) at 11.5 per cent and advising the federal government against another lockdown to curb the Covid-19 pandemic spread.
The business community has expected retention of the rates considering the state of the economy and the increasing inflationary rates.
At the end of the meeting, the Committee holds all policy parameters constant while the key highlights include MPR retained at 11.5 per cent, the asymmetric corridor of +100/-700 basis points around the MPR, CRR retained at 27.5 per cent and the Liquid Ratio also kept at 30 per cent
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