Breaking: CBN Leaves MPR Unchanged At 11.5%

The Central Bank of Nigeria (CBN) has left the Monetary Policy Rate (MPR), at 11.5% while keeping other parameters constant as well.

This was disclosed on Tuesday in a statement issued by the CBN Governor, Godwin Emefiele at the end of the Monetary Policy Committee (MPC) meeting of the apex bank.

Emefiele noted in the statement that MPC members voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor also remain unchanged.

Naija News reports based on the feedback from the meeting that MPR got retained at 11.50%, the asymmetric corridor of +100/-700 basis points around the MPR, CRR was retained at 27.5%, while Liquid Ratio was also kept at 30%.

The apex bank also cautioned against the complete lockdown of the economy as a way of curbing the second wave of the COVID-19 pandemic in Nigeria.

Meanwhile, the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina last Thursday in Abuja predicted that Nigeria will recover from recession this year.

He added that the country’s economy will record a 1.5 percent growth rate in 2021, and 2 percent growth in 2022.

The AfDB boss spoke while making a presentation as the keynote speaker at the First National Tax Dialogue held virtually at the Conference Hall of the State House.

He warned that prolonged tax holidays could be harmful to the nation’s economy and therefore urged that taxes should be employed as instruments for promoting development by encouraging private sector companies to take up responsibilities in infrastructure and attracting Foreign Direct Investments.

Adesina added that youths should be given incentives to grow businesses with appropriate tax regimes, adding that Africa loses about 60 billion US dollars annually from taxes.