He said that three members of the committee voted to increase the MPR by 60, 75 and 50 basis points, respectively, while six members voted to hold all parameters unchanged.
“The committee decided by a vote of three members to increase MPR by 60, 75 and 50 basis points, respectively, while six members voted to hold all parameters constant.
“The dilemma that confronted the committee relates to whether to continue to focus on efforts to stimulate output growth.
“It was also to decide whether to focus on reigning in inflation, which at 17.5 per cent, is almost attaining the January 2017 inflation level of 18.72 per cent,’’ Emefiele said.
He said that given that the recent exit from economic recession is fragile, any decision to drastically reign in inflation could result to another recession.
He said that the MPC decided to focus on consolidation of the economic recovery process by taking actions that would continue to stimulate output growth and create employment.
He added that the committee also advised the Federal Government to swiftly address the level of unemployment so as to moderate restiveness amongst the populace. (NAN)