The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained monetary policy rate for the 16th month time on a stretch at 11.5 per cent in its first meeting for 2022.
The MPC decision was unveiled today at the media briefing on outcome of the MPC first meeting for 2022.
The committee decided by a unanimous vote of 10 members who attended the meeting to also hold other monetary policy parameters constant around the MPR. It means that apex bank held the asymmetric corridor of +100/-700 basis points was also retained, same for the Cash Reserve Ratio at 27.5 per cent, while Liquidity Ratio was also kept at 30 per cent.
CBN Governor Godwin Emefiele who read out the communique, said the rates were retained to boost production and productivity, and reign in on inflation.