Breaking: CBN retains MPR at 12.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria at its meeting on Monday retained the Monetary Policy Rate (MPR) at 12.5%.

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Monday.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Emefiele explained that eight members of the committee voted in favour of holding the MPR, while two members wanted it reduced.

According to the MPC, the decision to hold all rates constant was largely driven by the effect of the outbreak of COVID-19 that has largely disrupted the global economy.

Other highlights of the meeting include keeping MPR at 12.50%, the asymmetric corridor of +200/-500 basis points, CRR was retained at 27.5%, while Liquidity Ratio was also kept at 30%