CBN Governor, Godwin Emefiele
CBN’s MPC raises MPR to 18% from 17.5%, retains CRR at 32.5%
Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise the Monetary Policy Rate (MPR) by 50 basis points from 17.5 per cent to 18 per cent.
Rising from its scheduled meeting, in Abuja, Tuesday, the committee also voted to retain the Cash Reserve Ratio (CRR) at 32.5 per cent, the Liquidity Ratio (LR) at 30.0 per cent and Asymmetry Corridor at +100/-700 basis points around the MPR
The CBN’s MPC comprises; Governor, Godwin Emefiele, who also doubles as the chairman of the committee; the four deputy governors of the bank; the two members of the board of directors of the bank; three members appointed by the President; and two members appointed by the CBN governor
The MPC is the highest policy making committee of the CBN with the mandate to review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term, as well as, review regularly, the CBN monetary policy framework and adopt changes when necessary.
