BEVERLY HILLS, May 25, (THEWILL) – The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5 percent.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 percent respectively.
CBN Governor, Godwin Emefiele disclosed these after the committee’s two-day meeting in Abuja on Tuesday.
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 percent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 percent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent; and retain the Liquidity Ratio at 30 percent.”
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 percent 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.
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