Economy
THE Central Bank of Nigeria has resolved to leave all monetary policy parameters unchanged.
It took the decision on Tuesday, May 21 at its first Monetary Policy Meeting since it reduced the lending rate last March.
At the end of the meeting in Abuja, Godwin Emefiele, the CBN governor, said nine of the 11 members in attendance voted to retain the lending rate, otherwise known as the monetary policy rate, MPR, at 13.5 percent.
Besides, Emefiele said the committee resolved to maintain the cash reserve requirement, CRR, at 22.5 percent and liquidity ratio at 30 percent, with the asymmetric corridor of +200 and -500 basis points around the MPR.
The CRR is the fund kept with the CBN as a minimum deposit a commercial bank must hold as reserves.
The meeting adjusted the MPR slightly from 14 percent to 13.5 percent during the last MPC meeting in March. Until then, the rate was unchanged for 13 consecutive times since July 2016.
During the meeting, Emefiele said the committee thanked President Mohammadu Buhari for reappointing him as the CBN governor.
According to the CBN governor, the decision will ensure stability in monetary policy and consolidation of the progress in maintaining the growth of the economy. – Premium Times
May 21, 2019 @ 17:25 pm GMT|
Tags: CBN Godwin Emefiele interest rate
