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CBN postpones MPC meeting to January 23&24

The Central Bank of Nigeria (CBN) Monday evening shifted its first Monetary Policy Committee (MPC) for the year to January 23 and 24, 2020, citing no reasons.

The meeting which held last in November 2019 was earlier scheduled for January 20 and 21 this year.

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At the last meeting, the CBN left all benchmark rates unchanged, including the Monetary Policy Rate (MPR) at 13.5%; Cash Reserve Ratio (CRR) at 22.5%, Liquidity Ratio (LR) as well as the Assymetric corridor around the MPR at +200/–500 basis points.

The decision to hold rates came amid rising inflation pushed basically by surging food prices on the back of border closure, as well as excess liquidity stemming from the 65% Loan to Deposit Ratio (LDR) policy of the CBN.

But CBN governor, Godwin Emefiele said then that there were no immediate compelling reasons to adjust rates, expressing confidence in the gains of monetary policies so far.

 

Onyinye Nwachukwu, Abuja

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