The Monetary Policy Committee MPC of the Central Bank of Nigeria CBN has retained the Monetary Policy Rate at 11.5 per cent.
Governor of the Central Bank of Nigeria CBN, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday.
Announcing the committee’s decision, Emefiele said the committee made the decision to hold all parameters constant and retained the Monetary Policy Rate at 11.5 per cent through a unanimous vote.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
The committee, he noted, was of the strong view to consolidate on all administrative measures currently being taken to spur output growth.
“In the view of the MPC, although the economy has succeeded in exiting the recession, the recovery was very fragile, given that the GDP of 0.51 per cent was still far below population growth rate, he said.”