The MPC rose from its first meeting in 2018, retaining the benchmark interest rate at 14 per cent, the Cash Reserve Ratio (CRR) at 22.5 per cent and the liquidity ratio at 30 per cent.
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The impasse has rendered it impossible for the CBN to form a quorum of the MPC whose past members had retired at various times last year, and compelled the central bank to postpone the first meeting of the committee last January.
“We are pleased that key economic indicators continue to move in the right direction. With modest recovery in oil prices and boost in domestic production, we exited the recession in 2017, while inflation has continued its decline and is now at 15.37 percent for December 2017.”
Emefiele said the MPC sees the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the Economic Recovery and Growth Plan.
Emefiele noted that the positive indicators such as inflation moving upwards and GDP moving up from negative aggregate are indications that by the third quarter of the year, the country will be out of recession.
He said that the committee was optimistic that the newly released Economic Recovery and Growth Plan, ERGP, coupled with innovative, growth-stimulating sector-based policies, would help fast track economic recovery, if properly implemented.
MPC members also called on the Federal Government to fast track the implementation of the 2016 budget and drew attention to the depressing implication of non-payment of salaries.
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