The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has kept the country’s Monetary Policy Rate (MPR) at 11.5 percent.
The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Thursday.
It also retained the Cash Reserve Ratio (CRR) and Liquidity Ratio at 27.5 percent and 30 percent respectively.
Announcing the committee’s decision, Emefiele said, “The MPC made the decision to hold all parameters constant.
The committee thought by unanimous vote to retain the MPR at 11.5 percent.
He said MPC weighed the effect of tightening or loosening, noting the impact on output growth and employment among others.
The MPC said that tightening would contract the current level of system liquidity and thus reduce demand pressure on the forex market, Emefiele said.