Not surprisingly, the Monetary Policy Committee of the Central Bank of Nigeria, CBN on Tuesday retained the Monetary Policy Rate at 11.5 per cent.
Governor Godwin Emefiele, disclosed this following the two day meeting of the committee in Abuja.
The MPC also retained other key indicators including the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
The MPC decision came in the wake of the country’s slip into a recession following two successive quarters of negative economic growth. The recession was largely sparked by the global COVID-19 pandemic.
The MPC decision was also in the wake of inflation pressures and weak economic growth largely triggered by the pandemic.
The MPC had at its last meeting in September reduced the MPR from 12.5 per cent to 11.5 per cent.