CBN keeps MPR at 13.5%, raises recession concerns

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday, retained Monetary Policy Rate (MPR) at 13.5 percent, and raised concerns about Coronavirus leading to economic recession.

Governor of the apex bank, Mr. Godwin Emefiele who announced the decision in a communique issued at the end of the meeting, noted that other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio and asymmetric corridor remain unchanged.

He also said the Committee left the Asymmetric Window at +200 and -500 basis points around the MPR

The governor emphasised that the decision to hold all rates constant was largely driven by the outbreak of Coronavirus pandemic which has disrupted the global economy, as Nigeria faces a crunch test following crash in oil price.