Regulatory Alerts2015-02-16 | MPC-99-2015-2Central Bank of Nigeria Communique No. 99 of the Monetary Policy Committee Meeting of Monday 19th and Tuesday 20th January, 2015 with Personal Statements of Members
The Central Bank of Nigeria's Monetary Policy Committee met to discuss the challenging external conditions and risks to the domestic economy. The Committee reviewed key external and domestic economic and financial developments and the outlook for 2015. The global economy experienced a fragile recovery in 2014, with growth driven by the US and later by falling oil prices. However, the global economy still faces challenges such as high debt, rising unemployment, geopolitical tensions, and the impact of commodity price shocks. The Nigerian economy remains robust, with GDP growth above 6% and inflation within the target range. However, the Committee is concerned about the impact of falling oil prices, security challenges, and excess liquidity in the banking system. The Committee voted to retain the current monetary policy stance, including the Monetary Policy Rate at 13%, Cash Reserve Ratio at 20% for private sector deposits and 75% for public sector deposits, and liquidity ratio at 30%.