The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the Monetary Policy Committee (MPC) of the apex bank has retained the Monetary Policy Rate at 13.5 percent.
Emefiele told a news conference at the end of the two-day MPC meeting on Tuesday in Abuja that the committee unanimously voted to retain the MPR, after the rates were reduced from 14 percent to 13.5 percent in March 2019, the first time the MPR was reduced since July 2016.
The committee, according to Emefiele, decided unanimously by a vote of all members present to retain MPC at 13.5 percent and hold all other key parameters constant.
“The decision was informed by the conviction of members that key macro-economic indicators are trending in the right direction and because of the lag in the effects of policy actions on output,” he said.
He explained that the committee also decided to hold the Cash Reserves Ratio at 22.5 percent and retain liquidity ratio at 30 percent.
“The MPC voted to retain the asymmetric corridor at +200 and -500 basis point around the MPR, Retain the CRR at 22.5 percent and retain liquidity ratio at 30 percent,” the report by Channels Television quoted Emefiele as saying.
GIK/APA