By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained its Monetary Policy Rate (MPR) at 14 percent.
This is coming at the end of the 253rd meeting as the country is still faced with the challenges of a severely weakened macroeconomic landscape, accentuated by stagflation dilemma, declining economic and business activities, and deepening recessionary trend.
The asymmetric corridor around the MPR at +200/-500bps; Cash Reserves Ratio (CRR) at 22.5 percent; Liquidity Ratio (LR) at 30.0 percent.
The Committee again noted that the risk facing the domestic economic is in two folds (i.e. price and output) and reiterate its commitment to price stability.
The Committee’s decision came in line with consensus, as shown by a Bloomberg-compiled median estimate of 14.0 percent for the MPR, according to Cordros update.
