The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 14 percent and the Cash Reserve Ratio (CRR) at 30 percent.
MPR is the rate at which the Central Bank lends money to commercial bank while the CRR is a certain percentage of bank deposits which banks are required to keep with the apex bank.
Addressing journalist at the end of the meeting, at the CBN Headquarters, in Abuja, Governr of the CBN Mr. Godwin Emefiele said the “Committee, in consideration of the headwinds in the domestic economy and the uncertainties in the global environment, decided by 9 out of 10 members to retain the MPR at 14 per cent alongside all other policy parameters. One member voted to raise the MPR”.
Making reference to outlook for financial stability, the Committee noted that the banking sector was becoming less resilient as a result of the adverse macroeconomic environment but however reiterated its resolve to continue to pursue financial system stability.
