The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 11.5 percent and all other parameters.
This was contained in a communiqué issued at the end of the MPC meeting in Abuja and read by the CBN Governor, Godwin Emefiele.
Other highlights of the committee’s meeting was the asymmetric corridor of +100/-700 basis points for the MPR
The committee also retained the Cash Reserve Ratio (CRR) at 27.5 percent while the Liquidity Ratio was kept at 30 percent.
The MPC’s decision did not come as a surprise as analysts had expected the committee to keep rates unchanged amid declining inflation which currently stands at 17.75 percent.
The International Monetary Fund had also asked the CBN to retain its monetary policy to sustain growth.
The communiqué read: “The MPC made the decision to hold all policy parameters constant. Committee thus decided by a unanimous vote to retain the monetary policy rate at 11.5 percent.
“MPC voted to retain asymmetric corridor +100 -700 basis points. It also voted to retain the cash reserve ratio at 27.5 percent and retain the liquidity ratio at 30 percent.
“The committee also expressed confidence that banks are doing the right thing in managing the country’s economic condition by expanding lending access to the actual economy.”
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