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Key decisions of the Monetary Policy Committee in Nigeria and the UK

As discussed in last week’s article, the Monetary Policy Committee (MPC) members are those who decide which monetary policies to implement in an economy.

In Nigeria, the MPC held its first 2023 meetings on 23 and 24 January, while in the UK, the MPC’s three meetings ended on 1 February.

Below is the summary of the key decisions of both countries:

In Nigeria

The MPC of the Central Bank of Nigeria (CBN) is composed of 12 members. It has the responsibility for formulating monetary and credit policy, reviewing economic and financial conditions in the economy and determining appropriate stance of policy in the short to medium term.

  • The Monetary Policy Rate (MPR) was increased from 16.5% to 17.5%.

  • Asymmetric corridor of +100/-700 basis points around the MPR is retained.

  • Cash Reserve Ratio (CRR) retained at 32.5%.

  • iquidity Ratio retained at 30%

In the UK

The nine members of the MPC of the Bank of England determines monetary policy in order to maintain growth and employment while also trying to achieve the 2% inflation target.

  • Bank rate was increased from 3.5% to 4%.

  • Current inflation rate is 10.5%.

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