CBN Ends MPC, Retains Interest Rate At 14 Percent
The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, on Tuesday left the Monetary Policy Rate, MPR, unchanged at 14 per cent.
The CBN governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.
He explained that eight out of the nine members of the committee that attended the meeting agreed to maintain the current monetary policy stance.
Emefiele said the other one member of the MPC voted that the rates be increased.
He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.
The monetary policy committee has maintained this rate for two consecutive years. The committee had In July 2016 hiked interest rates to combat rising inflation at that time.
Also retained in the latest meeting of the MPC 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.