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Nigerian apex bank retains Monetary Policy Rate at 11.5%

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the Monetary Policy Committee (MPC) has voted to retain the Monetary Policy Rate (MPR), at 11.5 percent.Mr. Emefiele told a news press conference at the end of the MPC meeting in Abuja on Friday that the asymmetric corridor of +100/-700 basis points around the MPR was maintained.

He also announced that the MPC also voted to retain the Cash Reserve Ratio (CRR) at 27.5 percent as well as the Liquidity Ratio at 30 percent.

Mr. Emefiele explained that the committee retained the MPR, along with other parameters in order to ensure stability for policy objectives.

The CBN Governor also announced the bank will go after illegal operators in the country’s foreign exchange market in order to stop them from frustrating the bank’s policy measures towards a stable naira.

He disclosed that the government will shut down the operations of Aboki FX, a website providing currency exchange information, which he described as an illegal and criminal platform.



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Published on 10.02.2021

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