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Home Business News Politics

Official: For The 15th Straight Month CBN Keeps MPR At 12%

Ugodre Obi-chukwu by Ugodre Obi-chukwu
May 22, 2013
in Politics
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Sanusi fires first shot as MPR is Hiked. Interest Rates to rise by 2.75%

 

The Central Bank for the 15th straight month has decided to keep Monetary Policy Rate ( MPR) at 12 per cent with a corridor of +/- 200 basis point. The Cash Reserve Requirement at 12 per cent and the Liquidity ratio at 30 per cent.

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Vote:

“The Committee considered and decided by a majority of 7 votes to hold and 3 votes to reduce the MPR by 50 basis points. Thus, by a majority vote of 7 members to 3, the MPC voted to maintain the current policy stance i.e. retain the MPR at 12 per cent with a corridor of +/-200 basis points around the MPR; retain the Cash Reserve Requirement at 12 per cent and Liquidity Ratio at 30 per cent; with the Net Open Position at 1.0 per cent”. 

Government to blame??

“the Committee would not just change rates for change’s sake nor undertake  such a risk at the moment because of the imminent inflationary threat posed by Federal Government’s  high expenditure profile particularly with the recent emergency rule declaration in the three North -Eastern states and Government’s continued subsidy administration and fuel import”.

Nigeria’s Central Bank Will Probably Hold Rate to Support Naira

Tags: CBN NigeriaNews Review
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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