The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has retained the Monetary Policy Rate (MPR) at 11.50%.
The Committee also decided that the CRR be retained at 27.5% while Liquidity Ratio be kept at 30%. The asymmetric corridor of +100/-700 basis points around the MPR.
This was made known by the CBN Governor, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday (Today).
The committee acknowledged that banks are doing the right thing in managing the country’s economic situation by increasing access to credit for the real sectors.
The committee of the CBN also encouraged the banks to continue to use their existing administration to mop up excess liquidity from the economy.