Central Bank retains MPR at 14%, CRR at 22.5%

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has voted to maintain its Monetary Policy Rate (MPR) at 14 per cent.
The Committee also voted to maintain all other rates which are used to pursue monetary policy in Nigeria at their previous levels.
In July, the MPC raised MPR by 200 basis points to 14.0 per cent, CRR was put at 22.5 per cent, the asymmetric corridor was +200/–500 while the Liquidity Ratio was left at 30 per cent.

Emefiele disclosed that the committee is satisfied with the results of the rate which was adopted in July and did not see the need to cut rates at this particular time.

Disclosing this at the end of the MPC meeting which began Monday and was attended by ten of its members, Emefiele said that the decision was taken based on developments in the global and domestic macroeconomic environments.
Similarly, Ghana’s central bank, the Bank of Ghana voted to maintain rates at 26 per cent Monday in a bid to maintain a steady tab on inflation which the Chairman of Ghana’s Monetary Policy Committee identified as a potential problem.