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Igwe Nnanna posted in the group Business
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.This was disclosed by the Governor of CBN, Godwin Emefiele, while reading the communique at the end of the monetary policy committee meeting on Friday, 17th September 2021.
Highlights of the Committee’s decision
MPR retained at 11.50%
The asymmetric corridor of +100/-700 basis points around the MPR was retained
CRR was retained at 27.5%
Liquidity Ratio was also kept at 30%
The committee noted the improvement in the manufacturing and non-manufacturing PMIs, which increased to 46.9% each from 46.6% and 44.8% recorded in July 2021. The improvement was largely attributed to an increase in new order and rising demand as well as further growth in economic activities in the country.Nairametrics
