Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 22)

The Monetary Policy Committee (MPC) voted to retain the Monetary Policy Rate (MPR) at 11.5 percent.1 The Monetary Policy Rate (MPR) has remained at 11.5 percent since September 2020. The committee also decided to retain the Cash Reserve Ratio (CRR) at 27.5 percent, liquidity ratio at 30 percent and the asymmetric corridor of +100/-700 basis points around the MPR. The committee’s decision to take a holding position is already being supplemented by various ongoing government intervention programmes. These programs are intended to facilitate employment generation and stimulate recovery/growth in various sectors of the economy post-pandemic particularly the agriculture and services sectors. While this decision might be suitable for now, it is important for the MPC to closely monitor the evolving economic situation in the country, especially in view of rising inflation rate and the currency devaluation.

Download Label
March 13, 2018 - 4:00 am
395.83 kB
v.1.7 (stable)