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CBN maintains monetary policy rate at 12.0%

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monetary policy

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria at the conclusion of its 3rd meeting for the year on Tuesday decided to hold all rates unchanged, Ripples gathered.

Specifically, the Committee decided to retain the Monetary Policy Rate (MPR) at 12.0%, maintain the asymmetric corridor around the MPR at +200/-500bps.

Read also: Foreign airlines struggle to free $575m trapped in CBN

Besides, the MPC retained the Cash Reserves Ratio (CRR) at 22.5% even as it kept the Liquidity Ratio (LR) at 30.0% as well as adopt flexibility of the interbank exchange rate market with a small window of support for critical sector.

The Committee also address the lingering concern around the exchange rate and the outlook of the local unit which it has left unaddressed for a while by noting the need to embrace a flexible exchange rate regime with modalities to be worked out by the Central Bank in due time.

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