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MPC retains monetary policy rate at 14%, CRR at 22.5

The Central Bank of Nigeria (CBN), Wednesday, retained the Monetary Policy Rate at 14 %, following the maiden meeting of the re-constituted Monetary Policy Committee (MPC), in Abuja.

Mr. Godwin Emefiele, Governor, CBN; Dr. Okwu Joseph Nnanna, Deputy Governor (Financial System Stability), CBN; Mrs. Aisha Ahmad, Deputy Governor, CBN; Prof. AdeolaFestus Adenikinju, MPC Member; and Mrs. Alice Karau, Ag. Director, Corporate Secretariat, CBN; at the CBN Head Office, Abuja, on Wednesday, March 28, 2018, following the assumption of duty of the new Deputy Governors and MPC members.

Briefing journalists on the out-come of the meeting, CBN Governor, Mr. Godwin Emefiele, announced that all other parameters were equally retained.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

With a foreign reserve of $46.699 billion dollars, he said that the nation’s economy has been placed on a stronger footing to accelerate the already achieve positive growth, after a period of recession.

Mr. Emefiele said that with the position of the foreign reserve, the CBN was stood ready to encourage any investor willing to go into petroleum refining with adequate foreign exchange, if necessary

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