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MPC Votes Against Devaluing The Naira

Despite continuing speculation that the Central Bank’s response to a weak Naira would be a devaluation, the Monetary Policy Committee voted against a devaluation yesterday.

The Committee unanimously voted to also keep the monetary Policy Rate the same at 11% as the CBN Governor, Godwin Emefiele, said that interest rates would be reduced.

“There is wide room for optimism about the medium to long term macro-economic prospects… especially given the clarity in the policy direction of the administration, the various interventions in the real sector, gradual improvements in the power sector and the reinvigorated fight against corruption.”

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