By Lydia Ngwakwe
Lagos, Jan. 27, 2021 Some economists on Wednesday in Lagos, commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria for leaving all Monetary Policy Rates (MPR) unchanged.
The experts who gave the commendations in separate interviews with Naija247news said the committee took an ‘excellent resolution’ by leaving key parameters unchanged.
The committee had on Jan. 26 decided by a unanimous vote to retain the MPR at 11.5 per cent; the asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and the Liquidity Ratio at 30 per cent.
MPR is the interest rate at which CBN lends to the commercial banks, the benchmark against which other lending rates in the economy are pegged, and used as instrument to moderate inflation in the economy.
preventing large-scale or sustained terrorist attacks on the American homeland; and (5)
assuring the stability of the international economy, which is addressed below.
Executive Summary
In 2011, a task force on U.S.-Russian relations, led by Graham Allison and Robert D. Blackwill, identified the preservation of international economic stability as one of five vital U.S. national interests. In recent years, the United States has certainly faced major challenges that threatened the stable functioning of the global economic system, such as the 2008 Great Recession or the ongoing COVID-19 pandemic. The goal of this primer is to assess how Russia and the various threats Washington sees emanating from Moscow impact this vital U.S. interest.
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Economic Bulletin
Overview
At its monetary policy meeting on 10 December 2020, the Governing Council decided to recalibrate its monetary policy instruments. While the rebound in economic activity in the third quarter was stronger than expected and the prospects for the roll-out of vaccines are encouraging, the coronavirus (COVID-19) pandemic continues to pose serious risks to public health and to the euro area and global economies. The resurgence in COVID-19 cases and the associated containment measures are significantly restricting euro area economic activity, which is expected to have contracted in the fourth quarter of 2020. While activity in the manufacturing sector continues to hold up well, services activity is being severely curbed by the increase in infection rates and the new restrictions on social interaction and mobility. Inflation remains very low in the context of weak demand and significant slack in labour and product markets. Overall, the incoming data and the Decemb