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%.
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%
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.