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Nigeria CBN retains monetary policy rates despite recession


Despite the country’s economy slipping into the second recession in five years, the Central Bank of Nigeria on Tuesday resolved to retain all monetary policy parameters without adjustments.

At the end of its two-day meeting in Abuja on Tuesday, the monetary policy committee (MPC) said it opted to retain the lending rate, also known as the monetary policy rate (MPR) at 11.5 per cent, and the asymmetric corridor of +100/-700 basis points around the MPR.

Also, the committee also agreed to maintain the cash reserve ratio (CRR) at 27.5 per cent and the liquidity ratio at 30 per cent.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said in a communique at the end of the meeting that the committee resolved to sustain the monetary policies through stimulus support towards full recovery.

The stimulus package, he said, would involve fiscal measures to reduce unemployment, provide an enabling environment for private sector investment and necessary support to the health sector to cushion the impact of the coronavirus pandemic.

In addition, the CBN would continue its various intervention measures to boost consumer spending and support the recovery.

More details later…

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