Miffed by the rising inflation rate, the Central Bank of Nigeria (CBN) Tuesday retained the Monetary Policy Rate (MPR) at 11.5 per cent after two days of its Monetary Policy Committee (MPC) meeting in Abuja.
The apex bank’s Monetary Policy Committee ( MPR) also retained other monetary policy instruments as the Cash Reserve Ratio (CRR) remains at 27.5 precent, Liquidity Ratio, 30 percent and Assymetric Corridor around the MPR at +100/-700 basis points.
The development is consistent with the been forecast of many analysts who explained that the current interest rate of 15.75 percent amid weak growth would not support an increase of the MPR.
Nigeria’s inflation rose to 15.75 percent in December from 14.89% percent in November 2020 according to data from the National Bureau of Statistics (NBS).
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