The Monetary Policy Committee (MPC), the highest policy-making organ of the Central Bank of Nigeria(CBN), has kept all rates at the same position from the last meeting.
The committee rose at the end of a crucial two-day meeting today with a decision to retain the benchmark interest rate at 27.50 per cent.
The committee was unanimous in its decision to hold all parameters and thus decided as follows:
1. Retain the MPR at 27.50 per cent .
2. Retain the asymmetric corridor around the MPR at +500/-100 basis points.
3. Retain the Cash Reserve Ratio of Deposit Money Banks at 50 per cent and Merchant Banks at 16 per cent.
4. Retain the Liquidity Ratio at 30 per cent.
Many analysts expect the CBN to leave the benchmark interest rate, the Monetary Policy Rate (MPR), unchanged at 27.50 per cent, in preference for a more discernible consumer price trend.
The MPC, headed by the CBN governor, traditionally provides monetary policies and benchmarks, which determine the direction of the financial services sector and the economy to a large extent
More details soon