The Monetary Policy Committee (MPC) is scheduled to hold its second meeting of the year next week. We expect that the progress with global vaccination efforts, Nigeria’s emergence from a recession in Q4:2020, spiraling inflation as well as developments in the financial markets would feature in the Committee’s discussions. As this would be the Committee’s first meeting since 2020FY GDP statistics were released in February, we look forward to an impact assessment of the Committee’s efforts at supporting economic growth, and guidance on whether this would be sustained going forward.
Ultimately, we expect the Committee to:
▪ Retain the MPR at its current level of 11.50%
▪ Retain liquidity ratio at 30%
▪ Retain the asymmetric corridor at +100bps/-700bps
▪ Retain the CRR at 27.50%
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