The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to reduce the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent.
Godwin Emefiele, CBN governor disclosed this while reading the communique at the end of the MPC meeting on Tuesday. The two-day meeting commenced Monday at the apex bank’s head office in Abuja.
However, the committee retained CRR at 27.5 per cent stating that the recent inflationary pressures is not driven by monetary policies, rather as a result of structural policies.
Highlight of the Latest Rates
- Reduce the MPR by 100 basis points from 12.5% to 11.5%
- Adjust asymmetric corridor from +200/-500 to +100/-700 basis points around the MPR
- Retain CRR at 27.5%
- Retain liquidity ratio at 30%