The meeting of the Monetary Policy Committee, MPC, of the Central Bank
of Nigeria, CBN, which began on Monday, has ended today (Tuesday), with
all key indicators retained.
It resolved to maintain the Monetary Policy Rate, MPR, at 14 per
cent, the Cash Reserve Ratio, CRR, at 22.50 per cent and the Liquidity
Ratio at 30 per cent.
The CBN Governor, Mr. Godwin Emefiele, who briefed newsmen on the
outcome of the meeting of the ten member committee, explained that
holding all the rates is best for the economy at the moment.
The retention of the benchmark interest rates is happening at a time
the country is experiencing deepening recession coupled with worsening
inflation.
Just yesterday, the National Bureau of Statistics, NBS, was reported
as saying the nation’s Gross Domestic Product, GDP, has shrunk by 2.24
percent in the third quarter of 2016, falling deeper than what was
recorded in the first and second quarter of 2016
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