The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has agreed to retain the Monetary Policy Ratio (MPR) at 11.5 per cent.

CBN governor Godwin Emefiele made this announcement on Friday after the two-day MPC meeting in Abuja.

Mr Emefiele said the committee also resolved to hold all other policy parameters constant.

The decisions reached by the MPC include retention of MPR at 11.50 per cent, retention of asymmetric corridor at +100/-700 bps around the MPR, retention of cash reserve ratio at 27.50 percent and retention of Liquidity Ratio at 30 percent.

He said the bank’s continuous intervention in the agricultural sector would help to increase food production in the country and moderate the food inflation further.

The News Agency of Nigeria (NAN) reports that the MPC is retaining the MPR at 11.5 percent and holding all other parameters constant for the seventh consecutive time. Meanwhile, an Economist, Tope Fasua, said retaining the MPR at 11.5 per cent and having all other parameters constant indicated the apex bank was being cautious.

Mr Fasua said that a change in the rates at this time could pose negative macro and microeconomic implications.

“Regarding the MPR, the CBN is still watching. If they drop the MPR now and the market takes a cue, inflation will rise.

If the banks begin to lend money at lower rates, inflation will rise.

“They cannot afford to increase the rates now because that will hurt people who are borrowing from banks for business,” he said.

adioolayi:
What are you doing about free-fall of Naira

aperture11:
Clueless lot. Emefiele should just resign, his trial and error aided by the least economically savvy President, Nigeria has ever had, has ruined our economy almost beyond repair.

N565 - $1, who would have thought despite the same ***** crying at $216-$1, just to win an election.

I can bet on over 20m Nigerians being more economically savvy than our current President.

aperture11:
Clueless lot. Emefiele should just resign, his trial and error aided by the least economically savvy President, Nigeria has ever had, has ruined our economy almost beyond repair.

N565 - $1, who would have thought despite the same ***** crying at $216-$1, just to win an election.

I can bet on over 20m Nigerians being more economically savvy than our current President.

adioolayi:
What are you doing about free-fall of Naira

Flossq:
You dumb as Bleep. Naira to dollar rate is 410. Stop letting this bdc fool you

Flossq:
You dumb as Bleep. Naira to dollar rate is 410. Stop letting this bdc fool you

Flossq:
You dumb as Bleep. Naira to dollar rate is 410. Stop letting this bdc fool you