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CBN Holds MPR at 13.5%, Other Parameters Amidst Recession Concerns

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) Tuesday retained the Benchmark Interest Rate; the Monetary Policy Rate (MPR) at 13.5%, the asymmetric corridor at +200/-500 basis points around the MPR, the Liquidity Ratio at 30 per cent, while Cash Reserve Requirement (CRR) was left unchanged at 27.5 per cent.

 

 

This was disclosed by Governor, CBN, Godwin Emefiele, while reading the communique at the end of the MPC meeting today in Abuja. According to the Apex bank Governor, the decision to hold all rates was largely driven by the outbreak of COVID-19 that has largely disrupted the global economy, as Nigeria faces economic hardship following crash in oil price.

 

 

Our Correspondent, Raliat Adenekan reports that Mr Emefiele urged the National Assembly not to tamper with the revised crude oil benchmark of 30dollars in the budget, noting that the current pandemic may lead Nigeria into another round of economic recession.

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