Monetary policy rate to remain at 14 per cent despite recession -CBN

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The CBN Governor, Mr. Godwin Emefiele, has announced the decision of the Monetary Policy Committee of the Central Bank of Nigeria committee to leave the Monetary Policy Rate unchanged at 14 per cent.

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At the end of a two-day meeting held at the apex bank’s headquarters in Abuja, Emefiele explained that all the 10 members that attended the meeting agreed to maintain the current monetary policy stance.

Apart from the MPR which was retained at 14 per cent, the governor said the committee also voted to retain the Cash Reserves Ratio at 22.5 per cent.

Also retained are the Liquidity Ratio, which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR

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