By Tony Obiechina, Abuja
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Thursday reduced the Monetary Policy Rate (MPR) from 13.5% to 12.5%, while leaving other parameters around the MPR.
This was the outcome of the MPC’s one-day meeting held at the CBN headquarters in Abuja.
Reading out the decision of the MPC, CBN Governor Godwin Emefiele stressed the the need to make funds available to those businesses affected by COVID-19, by further easing of the economy to allow for activities aimed at encouraging productivity and job creation.
Highlights of the MPC meeting which was earlier shifted from Monday this week because of the public holidays include:
*Reduces Monetary Policy Rate (MPR) to 12.5% from 13.5%;
*Retains asymmetric corridor around the MPR at +200/-500bps;
*Retains Cash Reserves Ratio (CRR) at 27.5%;
*Retains Liquidity Ratio (LR) at 30.0%.
