The CBN Governor, Godwin Emefiele, while reading a communiqué released by the committee said inflation will likely moderate later in the year given the significant interventions in the agricultural sector.
The MPC said the Nigerian economy is expected to continue with positive growth following the impressive growth recorded in the third quarter of 2021, reflecting continuous recovery from the recession. “It was clear that a loosening option was not desirable because it could trigger further liquidity challenges and fuel inflationary pressure.“Loosening can also trigger foreign exchange pressure, as the excess liquidity could be channelled to either frivolous importation or speculative holding of foreign exchange, leading to foreign exchange depreciation and inflation,” he said.
He added that the MPC also jettisoned the tightening option “in view of the fragile state of the current Gross Domestic Product .“After careful consideration of all variables, MPC decided to hold all parameters constant.”
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