Godwin Emefiele, Governor of the Central Bank, who chaired the 263rd Monetary Policy Meeting announced the decision of the committee to hold the rates on Tuesday, September 25, 2018.
The CBN MPC left the Monetary Policy Rate (MPR) rate at the current level of 14%, Liquidity ratio at 30%.
The rates were first hiked in July 2016 to combat rising inflation and support the local currency.
The monetary authority had cited the risk of increasing inflationary pressure in the decision by the bank’s monetary policy committee to hold the rate at its current level.
Nigeria’s annual inflation rate at 11.23%
For the first time in 2018 and after eighteenth consecutive disinflation, Nigeria’s annual inflation rate rose to 11.23% in August, driven by increases in food prices in Africa's largest economy.
The National Bureau of Statistics (NBS) disclosed this in its last Consumer Price Index (CPI) report titled ‘CPI and Inflation Report August 2018’, released on Friday, September 14, 2018, in Abuja, Nigeria's capital city.
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