No lockdown consideration says CBN, retains rate @11.5% - ITREALMS

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has advised the Federal Government not to consider another round of lockdown, just as it retains policy rate at 11.5 per cent, reports ITREALMS.

Disclosing this Tuesday, the Governor of CBN, Mr. Godwin Emefiele, said in Abuja at the end of the first MPC meeting in 2021 that his office would work with the fiscal authorities to revamp the economy by collaborating on policy implementation.

He also disclosed that the CBN has secured approval from the President, General Muhammadu Buhari, retired, to restructure the Nigeria Commodity Exchange (NCE).

In addition, he said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

According to Emefiele, the CBN owns 60 per cent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard.

At the end of the meeting, Godwin Emefiele, announced that the committee unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.

The meeting ITREALMS gathered, resolved to retain the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.

Nenye Dom/Editor

Pix: CBN governor, Godwin Emefiele