MPC retains Benchmark Interest Rate at 11.50% – 23 November 2021

The Monetary Policy Committee (MPC) concluded its final meeting for 2021 today, unanimously maintaining all key policy metrics as follow:  

–          Retain MPR at 11.50%

–          Retain CRR at 27.50%

–          Retain Liquidity ratio at 30.00%

–          Maintain an asymmetric corridor at +100/–700 basis points around the MPR.

The MPC reiterated the effectiveness of its extant policies, as the nation recorded another positive growth in Q3 2021 (+4.03% Y-o-Y) and a 6th consecutive decline in headline inflation rate to15.99% Y-o-Y in October 2021.

The MPC projects sustained positive economic growth, supported by robust monetary and fiscal policies and stability in the price of crude oil. Headline inflation is also expected to continue to ease, buoyed by the harvest season.

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