The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has retained the monetary policy rate at 14%.
Reading out the MPC’s decision to journalists in Abuja on Thursday, November 22, 2018, Godwin Emefiele, CBN governor, said the committee thought that the drop in inflation is seasonal and not sustainable.
The CBN governor said that the upside risk to inflation still remains. All 11 members of the committee voted to hold rates.
The MPC also retained the cash reserves ratio and liquidity ratio at 22.5% and 30% respectively, while the asymmetric window was left at +200 and -500 basis points around the MPR.