The Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) which started Monday (24/05/21) in Abuja ended today with the committee leaving all the rates unchanged.
Briefing the press at the end of the meeting, CBN Governor, Mr. Godwin Emefiele, announced the decisions reached at the meeting as follows:
- The benchmark interest rate (MPR) retained at 11.50%
- The asymmetric corridor remained at to +100/-700 bps around the MPR
- The cash reserve ratio retained at 27.50%; and
- The Liquidity Ratio retained at 30.00%.
The decisions tally with the projections of many financial analysis who had predicted that the MPC would not adjust the Monetary Policy Rate (MPR) because there are no major changes in the economy that would warrant a review of the rates for now. However, some economists had recommended a downward adjustment of the MPC to encourage borrowing and investment to boost production in the economy.