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Central Bank Retains Monetary Policy, Pegs Interest Rate At 11.5%

January 25, 2022
by
CBN

The Monetary Policy Committee of the Central Bank of Nigeria has unanimously retained the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.

CBN Governor Godwin Emefiele disclosed this while reading the communique of the first monetary policy committee meeting of the year, on Tuesday 25th January 2022.

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The MPC observed that inflation in most developed and emerging economies remains high driven by the persistent exchange rate fluctuations and supply bottlenecks.

The committee noted that the increase in the country’s inflation rate in December 2021 is attributable to increased demand during the yuletide and hence suggests that the uptick in the numbers could be a temporary development.

The members also believe that inflation will moderate further going into the new year driven by the significant interventions in the agricultural sector.

The MPC highlighted that the Nigerian economy is expected to continue with a positive growth following the impressive growth recorded in the third quarter of 2021, reflecting continuous recovery from the recession

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PBA Reporter

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