New MPC Retains Monetary Policy Rate at 14%, Liquidity Ratio at 30%

The New Monetary Policy Committee of Central Bank of Nigeria has retain Monetary Policy Rate-(MPR), at the current level of 14.00%, Liquidity Ratio at 30% Asymmetric corridor at +200 and -500 basis points around the MPR.
The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held in Abuja
He explained that nine members of the committee unanimously agreed  to maintain the current monetary policy stance.
Finance Correspondent Linda Ike reports that the Committee further reiterated the Bank’s commitment to delivery of low interest credit as evidenced in its bold steps to adopt unconventional monetary policy to aid credit flow to vulnerable and growth enhancing sectors of the Nigerian economy.
 
The CBN boss, Mr. Emefiele further noted that apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.
In the meantime, the Committee, enjoined the Banks to continue to support and encourage credit delivery at single digit interest rate through other mechanisms in the interim, while encouraging the banking system to establish frameworks to increase credit delivery to the employment generating sectors of the economy. END.