The Monetary policy committee at its meeting today maintained status quo as widely anticipated. Interestingly this time, 25% of committee members voted for a policy shift towards an accommodative stance (lower interest rates).

The MPC cited fears that an increase in liquidity and lower interest rates could weaken the Naira. It went further to suggest that a misaligned exchange rate could trigger a relapse in recessionary pressures.

The attached document contains an in-depth look at the decisions from the July MPC meeting.

Do enjoy your read…