SAN FRANCISCO, July 25, (THEWILL) –Â The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, has retained the monetary policy rate, MPR, otherwise known as interest rate, at 14 per cent, leaving all other parameters at their current levels.
The CBN Governor, Mr Godwin Emefiele, who announced this on Tuesday at the end of a two-day meeting held at the apex bank’s headquarters in Abuja, hinged the bank’s decision on the need to halt inflation while also supporting growth.
He explained that the six members of the committee agreed to maintain the current monetary policy stance, while two others voted to ease monetary policy rate.
The CBN governor said apart from the MPR which was retained at 14 per cent, the committee also left the Cash Reserves Ratio, CRR, at 22.5 per cent.
Also retained are the Liquidity Ratio which remains at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.
The committee however lamented the insecurity in the Niger Delta, in the North-east and across regions where pockets of herdsmen activities remain violent.
Emefiele also said the MPC sees the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the Economic Recovery and Growth Plan, ERGP.
