The Monetary Policy Committee of the CBN held its first statutory meeting in the year 2017 on 23rd and 24th January, 2017. After assessing the headwinds confronting the economy, the need to address the delicate balance between price stability and growth, and noting that the pressure on prices were yet to abate even as the economy continued to be in recession, the committee decided to:

  • Retain the Monetary Policy Rate (MPR) at 14%;
  • Retain the Cash Reserve Ration at 22.5%;
  • Retain the Liquidity Ratio at 30%; and
  • Retain the asymmetric corridor around the MPR at +200 and -500 basis points.