MPC Retains Interest Rate at 14%, Urges FG to Initiate Strong Stabilisation Programmes

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Ndubuisi Francis in Abuja

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its first meeting in 2018 and retained key monetary policy variables, keeping the Monetary Policy Rate (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 per cent, Liquidity Ratio (LR) at 30.0 per cent, and the asymmetric corridor at +200 and -500 basis points around the MPR.

After its last meeting in November 2017, the MPC could not form a quorum to sit in January 2018 due to the failure of the Senate to confirm new nominees of President Muhammadu Buhari after some members of the committee completed their tenure and retired.

The MPC has retained the MPR since July 2016 when it was increased by 200 basis points to 14 per cent from 12 per cent while retaining the CRR at 22.50 per cent and LR at 30 per cent as well as the asymmetric window at +200 and -500 points around the MPR.

Details later…