The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.
This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the first monetary policy committee meeting of the year, on Tuesday 25th January 2022.
The MPC observed that inflation in most developed and emerging economies remain 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.
What this means
The continuous retainment of the monetary policy rate at 11.5% is in furtherance of the apex bank’s effort to bolster Nigeria’s economic growth through the expansion of credit to the real sector and belief that despite the uptick in inflationary pressure, a hold policy will help to further boost the country’s economy while inflation is expected to moderate in the new year.
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