CBN Governor Godwin Emefile

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the benchmark interest also called Monetary Policy Rate at 13.5 per cent.

The CBN Governor, Mr Godwin Emefiele, while addressing pressmen at the Committee’s two-day meeting in Abuja, noted that nine members voted for the retention of the current monetary policy, while two of them supported an adjustment.

According to him, the MPC also maintained the status quo with the Cash Reserves Ratio at 22.5 per cent and retain liquidity ratio at 30 per cent.

“The MPC decided against the backdrop of these developments by a vote of nine members out of eleven, to hold all parameters of MPC constant. Two members voted, however, to reduce the MPC by 25 basis point.

“The MPC voted to retain MPR at 13.5 per cent. Retain CRR at 22.5 per cent. Retain liquidity ratio at 30 per cent.”

The Asymmetric Window which was left at +200 and -500 basis points around the MPR.

The MPC had in March 2019 cut interest rate from 14 per cent to 13.5 per cent after two years and eight month of holding rates.