CBN retains monetary policy for 12 months
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained MPR at 14 per cent and all other parameters at their current levels for the next one year.
The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, who addressed the press after the meeting on Tuesday, hinged the bank’s decision on the need to halt inflation while also supporting growth.
The committee lamented insecurity in the Niger Delta, in the north-east and across regions where pockets of herdsmen activities remain violent.
Emefiele said the MPC viewed the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the economic recovery and growth plan (ERGP).
The apex body has been meeting since Monday, to deliberate on monetary and other economic issues, part of which included its ongoing effort to regenerate the economy, reduce the rate of inflation, which once notched up to 18 per cent, before its current fall to about 16 per cent, according to the figure released by the National Bureau of Statistics, NBS.
The CBN has also been intervening in the Forex market, with a view to achieving foreign exchange stability, grow the economy. especially through enhancement of businesses across the country.
