Wednesday, February 20News That Matters

BREAKING: CBN MPC Leaves Interest Rate Untouched For The 15th Time In 30 Months

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday left the Monetary Policy Rate (MPR) unchanged at 14%.

It is the 15th consecutive time that the MPR, the determinant of interest rate, has been left untouched by the MPC.

 

Making the announcement at the CBN headquarters at Central Business District, in Abuja, Godwin Emefiele, the CBN Governor, said the decision was unanimously taken by all members of the committee.

The last time CBN’s MPC touched the MPR was in July 2016, when it opted to raise it by 200 basis points to 14.0 percent.

At the end of that July 25-26, 2016 meeting, it also voted to retain the Cash Reserve Ratio (CRR) at 22.5 percent, retain the asymmetric corridor at +200/–500 basis points, and retain Liquidity Ratio at 30 percent.

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