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Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate (MPR) by 50 basis points to 18%.
The Governor of the bank Mr. Godwin Emefiele, announced this at the end of the Monetary Policy Committee (MPC) meeting in Abuja, yesterday.
According to him, all the other parameters were left unchanged.
Consequently, it retained the asymmetric corridor at +100/-500 basis points around the MPR; Cash Reserve Ratio at 32,5 percent; and Liquidity Ratio at 30 percent.
In arriving at the decision to further tighten the rate, Mr. Emefiele said, “MPC examined the impact of possible further rate hike on the stability of the banking system and was convinced that a further rate hike would not have a negative impact on the stability of the banking system.”
Mr. Emefiele assured that Nigerian banks were insulated from the current banking crisis in…
Source: Vanguard Newspaper
