The Central Bank of Nigeria (CBN) on Tuesday retained its Monetary Policy Rate (MPR)  at 11.5 per cent after two days of its Monetary Policy Committee (MPC) meeting in Abuja.

Analysts in the financial services sector had predicted the CBN would likely maintain the status quo following an uptick in inflation rate and weak growth.

Nigeria’s inflation rose to 15.75 percent in December from 14.89% per cent in November 2020 according to data from the National Bureau of Statistics (NBS).

 Members of the MPC of the CBN also retained the Cash Reserve Ratio (CRR) at 27.5 precent, Liquidity Ratio at 30 per cent as well as the Assymetric Corridor around the MPR at +100/-700 basis points.