The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate at 11.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
Announcing the committee’s decision, Emefiele said, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
He said, in the view of the MPC, although the economy has succeeded in exiting the recession, the recovery was very fragile, given that the GDP of 0.51 per cent was still far below population growth rate.
The committee, he noted, was of the strong view to consolidate on all administrative measures currently being taken to spur output growth.
INVESTIGATION19 hours ago
Billionaire Doyin Group chairman, Samuel Adedoyin’s grandson commits suicide
THE NEWS12 hours ago
‘I stabbed him twice’, suspect narrates how she killed Super TV CEO (VIDEO)
BUSINESS17 hours ago
Kano bakers threaten indefinite strike over BUA Group, IRS, others flour price hike
THE NEWS3 days ago
We are using agency banking to drive entrepreneurship, wealth creation – Ecobank
THE NEWS3 days ago
Farouk Lawan sentenced to seven years in prison over $3m bribe
SPORTS18 hours ago
EURO 2020: Vexed by DStv’s price, football fans switch to StarTimes
THE NATION1 day ago
IWD: Pains of widows in Nigeria and CBA Foundation’s drive to assuage them
OPINION9 hours ago
Anambra PDP and the audacity of usurpation, By Uchem Obi