MPC retains 3 monetary indicators

Central Bank of Nigeria Headquaters, Abuja

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the three monetary policy indicators at the current rates as part of efforts to grow the overall outlook of the economy.

Speaking to newsmen after the meeting in Abuja, Central Bank Governor, Mr. Godwin Emefiele said all the six (6) members out of the seven (7) present pushed for the retention of the Monetary Policy Rate (MPR) at 14 percent, the Cash Reserve Ratio(CRR) at 22.5 percent and liquidity ratio at 30 percent.

Emefiele however explained that since Nigeria just came out of fifteen months of economic recession, every parameter will be held to propel the economy to path of quick growth.

He said the external reserve now stands at $32.9 billion, adding that the development could finance over nine months of imports.

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