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The MPC nevertheless feels that tightening policy would increase cost of funds and constrain output growth. Similarly, the country having emerged from a COVID-19 induced recession has been on the growth trajectory with the third quarter GDP recording a 4.03 per cent growth rate, albeit a slower growth compared to the second quarter growth rate.Ĭonsidering these measures, the MPC members said given the level of its conviction about the efficacy of its actions on macroeconomic variables, they felt that the tightening would further help to rein in inflation aggressively. Inflation figures having soared to 19 per cent in the year had been on the decline, dropping to 15.99 per cent as at October 2021. The committee had put into consideration the growth level of the country’s Gross Domestic Product, inflation figures amongst others in its decision. These considerations according to the Governor of the CBN, Godwin Emefiele lead the Committee to hold all policy parameters constant to support the enabling environment for sustained recovery. Members of the committee also voted to retain the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 per cent and the Liquidity Ratio at 30 per cent. The committee by unanimous vote, decided to retain the Monetary Policy Rate (MPR) at 11.5 per cent. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria rose from its final meeting for the year recently without any change in its decision.

Nume Ekeghe writes on the economic impact of the recent decisions taken by the Monetary Policy Committee in its bid to sustain recovery

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