CBN Retains Monetary Policy Rates At 11.5%

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A file photo showing the CBN headquarters in Abuja. Photo: Channels TV/ Sodiq Adelakun.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again voted to retain the monetary policy rate at 11.5 percent.

The announcement was made by the CBN governor, Godwin Emefiele during a press briefing at the CBN headquarters on Tuesday.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

The MPC at the briefing also lamented the effect of insecurity on the nation’s economy.

While explaining the decisions of the MPC, the CBN Governor called for insecurity to be tackled by the government immediately to successfully tackle inflation.

MPC advised against another total lockdown stating that this will reverse most of the economic gains made in the country since the gradual reopening of the economy.

The MPC also noted that at least 70% of Nigeria’s population must be vaccinated if the country means to achieve economic recovery.

Responding to questions on CBN ban on cryptocurrency transactions in Nigerian banks, the CBN governor insisted that the encrypted nature of cryptocurrency transactions makes it hard for fraud to be investigated and criminals apprehended.

According to Emefiele, no responsible Central Bank will support such transactions.

He however promised that pending the examination by the CBN, digital currencies will come to fruition in Nigeria.

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