Breaking! CBN Retains MPR At 12.5%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN rising from its meeting has held the Monetary Policy Rate (MPR) constant at 12.5%.

CBN’s governor, Godwin Emefiele made this known while reading the communique at the end of the MPC meeting on Monday.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.Monetary Policy Committee

Read also: Drama As Reps Members Order Arrest Of NDDC Boss, Pondei

Emefiele explained that eight members of the committee voted in favor of holding the MPR, while two members wanted it reduced.
According to the MPC, the decision to hold all rates constant was largely driven by the effect of the outbreak of COVID-19 that has largely disrupted the global economy.

Read also: NDDC’s 81.5BN Fraud: Akpabio Faces Backlash As Reps Committee Chair Steps Down

Below are the highlights of the Committee’s decision

MPR was kept at 12.50%

The asymmetric corridor of +200/-500 basis points

CRR was retained at 27.5%

While Liquid Ratio was also kept at 30%.

Babajide Okeowo
Babajide Okeowohttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

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