Connect with us

Economy

CBN retains benchmark interest rate at 11.5%

Published

on

It's imperative for CBN to redesign Naira, says expert

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)has retained the Monetary Policy Rate (MPR) at 11.5 per cent for the umpteenth on Tuesday.

Reading a statement after the committee’s 282nd meeting on Tuesday, Godwin Emefiele, the CBN governor, said the MPC also unanimously agreed to hold all other monetary policy parameters constant.

The Asymmetric Corridor thus remained at +100 and -700 basis points around the MPR, the Reserved Cash Ratio (CRR) at 27.5% and the Liquidity Ratio at 30%.

Emefiele said that the parameters to sustain the growth of the economy were maintained.

“At this meeting, MPC was pleased that its policy actions in the past had started to produce positive results through a notable improvement in the Gross Domestic Product, which stood at 4.03 per cent during the third quarter of 2021.

“There was also the sixth consecutive month of moderation in inflation to 15.99 per cent in October.

Nigeria: protecting health services through synergy and communication
“Given the level of its conviction about the effectiveness of its actions on macroeconomic variables, MPC considered that the tightening could increase the cost of funds and restrict growth, while the relaxation could aggravate the distortion in the money market.

“The MPC believes that the existing monetary policy stance has supported economic growth and recovery and should be allowed to continue for a little longer for consolidation,” he said.

Emefiele added that the consolidation would allow the MPC to carry out its mandate of price stability that is conducive to growth.

Nigeria: protecting health services through synergy and communication
“The committee also feels that the old stance will allow it to carefully access the implications of global developments that are unfolding around deepening policies and normalizing economies,” Emefiele said.

With the above in mind, he added that the committee decided to hold all policy parameters constant to support the environment conducive to the sustained growth of the Nigerian economy. (NAN)

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics19 hours ago

Minister directs new marshals to smoke out illegal miners

Politics19 hours ago

Nigeria’s Electoral Body, INEC Says It Won’t Recognise Labour Party’s Controversial National Convention

Sports19 hours ago

Super Eagles: We’re focused on World Cup qualifying campaign – Omeruo

News19 hours ago

Binance: It’s negligence – Ex-DSS director reveals why Anjarwalla escaped, questions NSA

Entertainment19 hours ago

Carter Efe opened fake social media account in my name to drag Davido – Young Duu

News19 hours ago

Okuama 17 soldiers killings: Nigerian Army declares eight persons wanted [FULL LIST]

Politics19 hours ago

Nigerian Political Parties Lack Identity, Ideology, Says Ruling APC National Chairman, Ganduje

Entertainment2 days ago

Actors Guild Debunks Death Of Zack Orji

Entertainment1 week ago

How social media criticisms crippled my career – Cardi B

Business1 week ago

Apple was accused of blocking rivals from accessing hardware and software features of its iPhone, Bloomberg reported on Wednesday.

Entertainment1 week ago

I didn’t know I was in Yvonne Nelson’s book – Iyanya

News1 week ago

Nigerian Government Should Treat Bandits Like Niger Delta Militants, Grant Them Amnesty – Sheikh Gumi

Economy1 week ago

Dump Your Hoarded Dollars Now To Avoid Sorrow And Tears, Tinubu Presidency Advises Currency Speculators

News1 week ago

N32bn Lying Dormant In Bank Account Since 2003, Power Minister Speaks On Stalled Metering Project

Entertainment1 week ago

Mohbad’s autopsy results to be ready soon – Dr Richard Somiari

Social Media Auto Publish Powered By : XYZScripts.com