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MPC ends meeting, keeps rates unchanged, says tightening policies not good for economy

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained all rates as they are, meaning that the Monetary Policy Rate still stands at 14 per cent.

Other monetary policy parameters retained include the Cash Reserves Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at 200 basis points.

The CBN Governor, Godwin Emefiele who briefed  journalists shortly after the two-day meeting ended at the apex bank’s headquarters in Abuja, explained that out of the ten members that attended the meeting, nine voted to retain the rate while one voted for an increase.

Analysts say the decision of the CBN in retaining the rates amounts to intelligent policy understanding.

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