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MPR RETAINED AT 13.5 PERCENT

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate at 13.5 percent.

The CBN Governor, Mr Godwin Emefiele, disclosed this decision during a press conference at the end of a two-day MPC meeting held on Tuesday at the bank’s headquarters in Abuja.

Emefiele explained that nine out of the 11 members that attended the meeting agreed to retain the current monetary policy stance.

Adding that apart from the MPR that was retained at 13.5 per cent, the committee decided to hold the Cash Reserves Ratio at 22.5 per cent and retain liquidity ratio at 30 per cent.

It will be recalled, In March this year, the committee had reduced the rates from 14 per cent to 13.5 per cent, the first time the MPR was reduced since July 2016.

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