The Central Bank of Nigeria (CBN) on Tuesday kept its Monetary Policy Rate (MPR) unchanged at 11.5 percent after the two-day Monetary Policy Committee (MPC) meeting in Abuja.
This comes not as a surprise as analysts in the financial services sector had expected a hold following an uptick in inflation rate and weak growth that has translated into recession for the second time in five years.
Nigeria’s inflation rose to 14.23 percent in October from 13.7 percent in September 2020, according data from the National Bureau of Statistics (NBS).
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By vote of all members of the committee, the CBN also retained the Cash Reserve Ratio (CRR) at 27.5 percent, Liquidity Ratio at 30 percent as well as the Asymmetric Corridor around the MPR at +100/-700 basis points.
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