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BREAKING: CBN retains monetary rate at 11.5%

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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate at 11.5 per cent.

The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Friday, September 17.

The committee also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

Disclosing the committee’s decision, Emefiele said: “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

The CBN boss explained that MPC weighed the effect of tightening or loosening, noting the impact on output growth and employment among others.

According to him, members felt that tightening would contract the current level of system liquidity and thus reduce demand pressure on the forex market.

Techeconomy.ng previously reported that the MPC had previously retained the Monetary Policy Rate at 11.5 per cent also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively at the end of the meeting.

The CBN Governor, Godwin Emefiele, made this known after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.

In his words, Emefiele said: “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

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