Central Bank of Nigeria (CBN) has expressed concern over fragile nature of fiscal headroom arising from the shocks of the COVID-19 pandemic,crude oil price volatility and the continued build-up of public debt
Monetary Policy Committee of the apex bank, on Tuesday says the Nigeria's public debt has hit N32.9 trillion by December 31, 2020.
Governor of CBN, Godwin Emefiele who expressed the concern of the committee after its two days meeting in Abuja, said the bank retained its benchmark interest rate, the Monetary Policy Rate (MPR), at 11.5 percent after a two-day Monetary Policy Committee admidst concern over inflation rate
CBN according to Emefiele, also retained the liquidity ratio at 30 per cent and cash reserve ratio (CRR) at 27.5 per cent.
He added that six members voted to maintain all parameters while three voted to increase the MPR.
Emefiele says the Monetary Policy Rate (MPR) is the anchor interest rate in an economy, used for setting other commercial interest rates within the economy.
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