The Central Bank of Nigeria has retained the monetary policy rate at 11.5 per cent, with the asymmetric corridor of +100/-700 basis points around the MPR.
Speaking at the Monetary Policy Committee meeting Tuesday, the CBN governor, Godwin Emefiele, said the MPC also retained other parameters, adding that its policy has begun to show results.
The apex bank chief referenced the 4.03 per cent growth in real GDP and the 6th consecutive monthly decline in headline inflation.
He explained that the continued moderation in the headline inflation, occasioned by a marginal decline in the food and core components of the inflation index.
Emefiele said the economic outlook shows a continuous rebound in growth, amid relative stability in the price of crude oil in the international market, adding that the bank remained optimistic about inflation rates in the coming months.
The MPC also explained the need to remain cautious, calling on the fiscal authority to sustain interventions that would stimulate economic growth.
As part of its decision, the Cash Reserve Ratio was retained at 27.5 per cent, while the liquidity ratio was also kept at 30 per cent.