CBN Leaves Monetary Policy Rate Unchanged At 14%

The Central Bank of Nigeria, at the end of its Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, left the Monetary Policy Rate (MPR) unchanged at 14%.

With the MPR left unchanged, it is the 15th consecutive time that the rate will be left untouched by the MPC.

Disclosing details of the committee meeting at the CBN headquarters located at the Central Business District, in Abuja, Godwin Emefiele, the CBN Governor, said the decision was unanimously taken by all 11 members of the committee.

Naija News recalls the last time CBN’s MPC touched the MPR was in July 2016, when it voted to raise it by 200 basis points to 14.0 percent.

Also at the end of the July 25-26, 2016 meeting, it agreed to retain the Cash Reserve Ratio (CRR) at 22.5 percent, the asymmetric corridor at +200/–500 basis points, and retain Liquidity Ratio at 30 percent.