MPC Retains MPR At 13.5%

CBN Governor, Godwin Emefiele.

 

The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 13.5%.

Governor of the Central Bank, Godwin Emefiele, made the announcement on Friday during the MPC meeting in Abuja.

This is the sixth month the apex bank has maintained the rate after it was dropped from 14% to 13.5% in March.

According to Emefiele, the decision was unanimously agreed upon by all committee members.

He said, “The committee has decided by a unanimous vote to maintain Monetary Policy Rate at 13.5% and to hold other policy parameters constant.

“In summary, the MPC voted to retain MPR at 13.5%, to retain asymmetric corridor at +200 and -500 basis points around the MPR, to retain CRR at 22.5% and to retain the liquidity Ratio at 30%”.

MPC Reduces Monetary Policy Rate For First Time In Over Two Years

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 13.50 per cent from 14 per cent.

The CBN Governor, Mr Godwin Emefiele, disclosed this during a press conference at the end of a two-day MPC meeting held on Tuesday in Abuja.

READ ALSO: CBN Projects 12% Rise In Inflation

This is the first time the MPR will be reduced since July 2016.

The MPC, however, held all other key parameters remain unchanged; Cash Reserve Requirement (CRR) remained at 22.5 per cent, while the liquidity ratio was kept at 30 per cent.

Mr Emefiele explained that the cut in the rates was to support the nation’s feeble economic growth at this time.

He added that the decision was aimed at reducing the rate of unemployment and diversifying the country’s economy.

MPC Retains Monetary Policy Ratio At 14%

Nigeria's Foreign Exchange Inflow Hits $91b In 2017 – CBN

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on has left the monetary policy rate unchanged at 14 per cent.

The CBN Governor, Mr Godwin Emefiele, who was speaking at the end of the two-day meeting of the committee in Abuja.

He said that the committee also retained the cash reserves ratio at 22.5 per cent.

He announced that the liquidity ratio was left at 30 per cent; and the asymmetric window kept at +200 and -500 basis points around the MPR.

According to Mr Emefiele, the economy was on the right path but some key sectors continued to experience significant challenges.

“The MPC, however, expressed concern about the tepid growth expectations and growing uncertainty in the global financial markets.

“These uncertainties are arising from the poor reception of the Brexit deal by British politicians, continuing trade war between the U.S. and her major trading partners, as well as the commencement of U.S. sanctions on Iran.”

He further stated that the committee believed that although the domestic economy was recovering modestly from the recession, the recovery was tepid and called for more efforts to strengthen the output and demand.

CBN Postpones MPC Meeting To Observe Public Holiday

Nigeria's Foreign Exchange Inflow Hits $91b In 2017 – CBN

 

Nigeria’s Central Bank Monetary Policy Committee (MPC) has shifted its last rate decision meeting for the year, in observance of the public holiday, slated to hold on Tuesday, November 20, 2018.

The two day-meeting which was earlier scheduled to hold on Monday and Tuesday will now hold on November 21- 22.

Economic analysts say they expect the MPC to keep the monetary policy rate unchanged at 14 per cent and maintain the status quo on other key parameters.

The MPC is the highest policy-making body of the Central Bank, with the mandate to review economic and financial conditions in the country’s economy.

 

CBN MPC Holds MPR At 14%

CBN Governor, Godwin Emefiele

 

The Central Bank of Nigeria’s Monetary Policy Committee has voted to retain the Monetary Policy Rate (MPR) at 14%.

Governor of the CBN, Godwin Emefiele, made the announcement on Tuesday during a press briefing in Abuja.

He also disclosed that the Cash Reserve Ratio is at 22.5 %, Liquidity Ratio at 30%, Asymmetric Corridor at +200 and -500 basis point.

CBN Holds 262nd MPC Meeting

 

The 262nd Monetary Policy Meeting is ongoing at the 11th Floor, Wing C of the Central Bank of Nigeria Headquarters in Abuja, the nation’s capital.

CBN Governor, Godwin Emefiele chairs the meeting that brings stakeholders to deliberate on the financial stability of Nigeria.

In attendance are key officials of the apex bank, stakeholders and journalists.

At the meeting, the apex bank decided to retain the MPR rate at current level of 14 per cent, Liquidity ratio at 30 per cent.

MPC Leaves Monetary Policy At 14%

 

The Monetary Policy Committee Central Bank of Nigeria (CBN) on Tuesday left the Monetary Policy Rate unchanged at 14%

The CBN Governor, Mr Godwin Emefiele, made this known after the two-day meeting which was held by the committee in Abuja.

Mr Emefiele noted that the committee agreed to maintain status quo on the current MPR.

He added that the committee also decided to maintain the Cash Reserves Ratio (CRR) at 22.5 percent and liquidity ratio of 30.0 percent.

Also retained is the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

 

MPC Retains Monetary Policy Ratio At 14%

The Central Bank’s Monetary Policy Committee on Wednesday voted unanimously to maintain status quo on all monetary parameters, keeping the benchmark lending rate at 14 percent.

This follows the conclusion of the two-day meeting of the new committee which was also the first for 2018.

The CBN Governor Godwin Emefiele at the media briefing in Abuja, explains that the nine-member committee voted to hold rates in favour of economic growth.

He noted that there’s need for corrective measures in the fiscal distortions and the decision to retain rates at current levels relates to consumer pricing and Nigeria’s current account balance.

The governor also introduced the new members of the committee and explains their roles in the decision.

With the first and successful monetary rate-setting meeting held, the next line of expectation could be the 2018 budget passage as investors continue to price in the hope for the markets.

Senate Directs Committee On Banking To Screen MPC Nominees

 

The Senate has directed its committee on banking to screen the nominees for the appointment of members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) as well as the nominee for the position of the Deputy CBN governor.

The nominees are Prof. Adeola Adenikinju, Dr. Aliyu Sanusi, Dr. Robert Asogwa and Dr. Asheikh Maidugu.

While the nominee for the position of Deputy Governor is Aisha Ahmad.

President Buhari had earlier sent the names of four nominees for appointment as members of the MPC and CBN Deputy Governor to the Senate for confirmation, which they rejected.

But on Tuesday, the Senate reversed its earlier decision not to screen the nominees after a Federal Lawmaker Senator Rafiu Ibrahim, appealed to the lawmakers to confirm the nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

He explained that MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.

CBN Await Senate’s Clearance For MPC Meeting

CBN Orders Banks With Huge Bad Loans To Stop Paying Dividends

All eyes are on the Central Bank of Nigeria (CBN) and the Senate to see if the first Monetary Policy Committee of the CBN for 2018 will hold between March the 19th and 20th.

The CBN could not hold the meeting in January this year, due to the Senate’s refusal to approve the critical committee needed to form a quorum as stipulated in the CBN Act of 2007.

However, the CBN governor, Godwin Emefiele, said last month that the CBN may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits.

But analysts fear that may be a difficult task for now until the Senate approves President Muhammadu Buhari’s four, nominees to the MPC, submitted last year to the National Assembly.

CBN MPC Meeting Cancelled

BREAKING: Buhari Appoints Aishah Ahmad As CBN’s Deputy GovernorInvestment and securities trading firm, FBN Quest says ”There is reputational damage to Nigeria” as the January 2018 Monetary Policy Committee meeting of the Central Bank was cancelled due to the Senate’s refusal to confirm presidency’s new nominees.

In an investment note released on Monday, FBN Quest says the MPC meeting would have kept monetary policy variables unchanged, but note the modest decline in core inflation to 12.1 percent in December.

FBN Quest says the CBN MPC has one shared agenda to fight against inflation, and that the December inflation report ”probably came as a welcome surprise” at 15.4 percent, down from 15.9 percent in November.

Nigeria’s Economic Growth Is Fragile – MPC

Amidst news about Nigeria’s exit from recession, the Central Bank Governor (CBN), Godwin Emefiele has called for the implementation of policies that will sustain Nigeria’s economic growth due to the fragile state of the growth.

This call was made during the Monetary Policy Committee (MPC) bi-monthly meeting on Tuesday.

During the meeting, the CBN Governor said the committee applauded Nigeria’s exit from recession but the growth needs to be sustained as it is fragile.

“Committee applauded the exit of the Nigerian economy exit from recession but observes that the growth remain fragile and therefore hopes that complimentary fiscal and monetary policies would sustain the growth momentum.”

READ ALSO:  Financial Reports: CBN Directs Banks To Implement IFRS9

Also, the MPC during the meeting opted to leave the interest rates unchanged and focus on the slow economic growth in spite of the country’s exit from recession.

Due to the need to encourage liquidity of Nigeria’s economic system, the MPC retained the basic interest rate at 14 percent.

Emefiele during the meeting said the MPC is satisfied with the Federal Government’s directive that all state governors should pay outstanding salaries.

He said, “MPC also noted with satisfaction, the directive of the Federal Government to all states to promptly pay outstanding salary arrears in order to boost aggregate demand.

“It commended efforts to clear outstanding contractor arrears, prompt settlement of trade disputes with certain unions of organized labours, including the Academic Staff of Universities (ASUU) and health workers, as well as the of money to settle outstanding entitlement of the extra workers in defunct Nigerian Airways.”