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CBN Retains Monetary Policy Rate at 14%, Despite Deepening Recession

emefiele-CBN

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.

The CBN Governor, Mr. Godwin Emefiele, who announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja, explained that all the 10 members that attended the meeting agreed to maintain the current monetary policy stance.

Apart from the MPR which was retained at 14 per cent, the governor said the committee also voted to retain the Cash Reserves Ratio at 22.5 per cent.

Also retained are the Liquidity Ratio, which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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