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.
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%.
