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Selective capital injection does not guarantee the turn-around of commodity exchanges, argues Sola Oni On Tuesday, January 26, 2021, the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele addressed the first press conference in the year where he unfolded the decision of the Monetary Policy Committee (MPC) on the rates that will drive operations in the money market. Expectedly, all the key indicators were retained. Monetary Policy Rate (MPR) stays at 11.5 percent, Liquidity Ratio, 30 percent, Cash Reserve Ratio (CRR) and Asymmetric Corridor were also retained at 27.5 percent and +100 and-700 basis points respectively. The rationale for retaining the monetary policy instruments rates is not a rocket science. It may be a costly gamble for the apex bank to adjust any of the rates while the economy is trapped in stagflation. The bank has chosen a path of honour through gradual synchronization of monetary and fiscal policies to rescue the economy from the pang of recession.

Abuja federal capital territoryGodwin emefieleNigeria commodity exchangeInternational monetary fundCapital market committeeNigerian postal servicesGovernor of central bankNigerian corporationCommodity exchangeNational insurance corporation of nigeriaNigerian ports authorityMonetary policy committeeNational aviation handling companyNigerian stock exchangeWorld bankNigeria railways corporation