CBN Assures Food Prices Will Moderate In 2022

The CBN Governor, Mr Godwin Emefiele, said this while answering questions from the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.

The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent and also unanimously agreed to retain all other monetary policy parameters.

The Cash Reserve Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Asymmetric Corridor, +100 and -700 Basis Points around the MPR.

Emefiele, answering questions after presenting the MPC meeting outcome, said the MPC saw logistical challenges in moving food from farm gates to the market, and also the activities of hoarders and would do everything possible to stop it.

According to him, the CBN is looking at the issues involved and will come up with good stories to tell about the trend by the next MPC.