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Home Economy Macro-Economic News

CBN to hold MPC meeting on July 20

Abiola Odutola by Abiola Odutola
July 15, 2020
in Macro-Economic News
CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

Godwin Emefiele

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The Central Bank of Nigeria has announced that it would hold its 274th meeting of the Monetary Policy Committee (MPC) on Monday, July 20, 2020.

This was disclosed in a statement issued by the apex bank and published on its website.

It stated, “The 274th Meeting of the Monetary Policy Committee (MPC) is scheduled to hold in Monday, July 20, 2020 by 8:00pm at the CBN’s Corporate Headquarters, Abuja.”

Last May, the MPC had reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50%.

READ ALSO: Covid-19: Timeline of every pronouncement made by Nigeria to support the economy

Governor, CBN, Godwin Emefiele, disclosed this while reading the communique at the end of the MPC meeting in Abuja.

Meanwhile, other parameters such as the Cash Reserve Ratio (CRR) remained at 27.5%, Liquidity ratio at 30%.

Highlights of the Committee’s decision

* MPC cuts MPR by 100 basis points to 12.50%

*CRR stood at 27.5%

*The Liquidity Ratio was also kept at 30%

READ ALSO: CBN debits banks another N459.7 billion for failure to meet CRR target

Why it matters: The Committee is the highest policy-making committee of the Bank with the following mandate:

* Review economic and financial conditions in the economy.

* Determine appropriate stance of policy in the short to medium term.

* Review regularly, the CBN monetary policy framework and adopt changes when necessary.

* Also communicate monetary/financial policy decisions effectively to the public and ensure the credibility of the model of transmission mechanism of monetary policy.

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Tags: Business NewsCBN PoliciesMonetary Policy Committee (MPC)Mr Godwin EmefieleNigeria News

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