The Monetary Policy Committee
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent. T he CBN governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting of the MPC. At the last MPC meeting in January, it was increased by 100 basis points, from 16.5 per cent to 17.5 per cent. According to Emefiele, 10 out of the 12 committee members present at the meeting voted for a moderate rise in the MPR. He, however, said that all other parameters remained constant. The Asymmetric Corridor of +100/-500 basis points around the MPR, the Liquidity Ratio of 30 per cent and Cash Reserve Ratio (CRR) of 32.5 per cent were thus retained. According to Emefiele, the committee debated whether to continue the rate hike to further check inflation. He said that the MPC also considered whether to hold the rate to observe emerging developments and allow for the impact of the last five ...