The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its last meeting for the year.
All other parameters were mantained. The Cash Reserve Ratio was retained at 27.5% and Liquidity ratio was kept at 30%.
[bc_video video_id=”6211965398001″ account_id=”6116119081001″ player_id=”CJdhmO46zo” embed=”in-page” padding_top=”56%” autoplay=”” min_width=”0px” playsinline=”” picture_in_picture=”” max_width=”640px” mute=”” width=”100%” height=”100%” ]
The decision reflected the priority to further stimulate a contracting economy despite quickening inflation, which has remained above the Bank’s target range for over five years now.
Nigeria slipped into its second recession in four years in the third quarter of 2020, as a result of Covid-19 and low oil prices.
Governor Emefiele said the bank was “cautiously optimistic” of positive growth in the fourth quarter of the year and expected Nigeria to exit recession in the first quarter of next year.
Policymakers noted that inflation continued to climb to an over two-year high of 14.23% in October, as a result of structural policies, hike in petrol prices and #EndSARS protests.
The inflation target is still above CBN’s target range of 6% to 9%.
Follow us on:
President Bola Tinubu on Friday declared that his purpose for seeking the nation's number one…
Kano state government is partnering Tony Blair Institute for Global Change to attract $23.5 million…
Nigeria's federal government has said it is currently reviewing the nation’s legal frameworks, among other…
The Nnamdi Azikiwe International Airport, Abuja, and the Port Harcourt International Airport have been recognised…
https://cdn.veri.app/13646108-d5ec-478b-a54c-b01f60dbca29.mp4 President Bola Ahmed Tinubu On Thursday directed Vice President, Kashim Shettima to lead Nigeria’s…
The United Sates (US) Vice President Kamala Harris has expressed her willingness to use her…