The Monetary Policy Committee of the Central Bank of Nigeria has decided to hold Monetary Policy Rate at its current rate of 13.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this in a communiqué at the end of the committee’s meeting.
One of the very important reasons given for staying the MPR at 13.5 per cent is based on the committee’s resolve to give enough room for the recent policy-interventions rolled out to permeate the economy, amid the effect of the Coronavirus Disease outbreak.
Other parameters held at their present rates include the Liquidity Ratio held at 30 per cent, Cash Reserve Ratio at 27.5 per cent, and the asymmetric corridor of +200/-500 basis points around the MPR remained.
The governor also expressed some confidence in the apex bank’s policies and prompt response with the adjustment of exchange rates to align with market rates. It is also expected that the removal of distortions will impact the economy positively.