Reasons why CBN retained monetary policy rates — Emefiele

Central Bank of Nigeria governor, Godwin Emefiele has given some reasons why the Apex bank retained monetary policy rates which  negative effects of Coronavirus pandemic on the country's economy was one of them


According to Premiumtimesng, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday explained why it opted to retain all monetary policy rates despite wide expectations by financial analysts and economists for reviews.

At the end of the two-day meeting of the committee in Abuja on Monday and Tuesday, the CBN governor, Godwin Emefiele, who presented the communique said members took a unanimous decision to retain the monetary policy rate (MPR) at 13.5 per cent.

Also, the CBN governor said the committee retained the asymmetric corridor of +200/-500 basis points around the MPR; the cash reserve ratio (CRR) at 27.5 per cent, and the Liquidity Ratio at 30 per cent.

The CRR, which is the percentage amount of cash deposit kept with the Central Bank by the deposit money for reserve purposes, was recently reviewed upwards from 22.5 per cent.

The decision to leave the rates unchanged contradicted the expectations of most analysts who would have preferred a cut in MPR to encourage more lending to the real sector apparently blighted by the negative impact of the coronavirus pandemic on the global and Nigerian economy.

But, the CBN governor said the MPC’s decision was informed by various reasons, including taking cognizance the recent actions of the CBN targeted at strengthening the financial system to alleviate the initial impact of the global crisis cause by the coronavirus.

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