Faith Of Our Naira Would Be Reviewed As MPC Holds Its Meeting Today - Business - Nairaland
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| Faith Of Our Naira Would Be Reviewed As MPC Holds Its Meeting Today by benebaby77: 7:00am On Jan 19, 2015 |
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will hold its two-day Meeting on Monday and Tuesday January 19 and 20, 2015. The major highlights of the Meeting are likely going to be: • Retain Monetary Policy Rate (MPR) at 13% leaving the +/-200 basis points corridor: Further upward review is likely to undermine the CBN’s stated wish of increased lending to the private sector. • Retain the Cash Reserve Requirement (CRR) on private and public sector funds at 20%and 75% respectively: Market liquidity concerns are likely to be tempered by frequent CBN interventions, particularly issuance of Open Market Operation (OMO) bills. We however anticipate the apex bank may extensively discuss rising dollarization of deposits in the banking system. • Hold the Net Trading Position Limit at 0.1%: This will further help support the value of the Naira. • Leave Liquidity Ratio unchanged at 30%. • Maintain official naira exchange rate at a mid- point of N168/$ around the ±5% corridor. Kindly find attached the Pre-MPC Communiqué. |
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