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MONETARY COMMITTEE POLICY (MPC)
The acting Central Bank of Nigeria (CBN), Folashodun Shonubi, said the apex bank are not trying to unify the rate, as they are encouraging the market to be efficient
Timeline of every action announced since the outbreak hit Nigeria.
Note that Nigeria's inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira.
The Monetary Policy Committee of the Central Bank of Nigeria (@cenbank) has raised the Cash Reserve Ratio by 500 basis points to 27.5%. Meanwhile, other parameters such as Monetary Policy Rate, Liquidity ratio, and asymmetric corridor remain unchanged.
The Monetary Policy Committee of the CBN has kept the MPR constant at 13.50%. Also, other parameters such as Credit Reserve Ration, Liquidity ratio, and asymmetric corridor were equally held constant.
By a unanimous vote, the Monetary Policy Committee (MPC) decided to keep monetary policy parameters unchanged (MPR at 13.5%, asymmetric corridor at +200bps/-500bps, Cash Reserve Ratio at 22.5% and Liquidity Ratio at 30.0%) at yesterday’s meeting