By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) is to limit Deposit Money Banks’ excessive appetite for government securities.
The Governor of CBN, Mr. Godwin Emediele, announced this at a press briefing on the decisions of the Monetary Policy Committee (MPC) meeting which ended this afternoon in Abuja.
According to him, the step became necessary to curtail banks’ focus on investing in government debt instruments, while neglecting their roles of lending to the private sector, to bring about the needed growth in the economy.
Mr. Emefiele also announced MPC’s decision to retain the Monetary Policy Rate (MPR) at 13.5 per cent, along with all other parameters.