CBN MPC Reduces MPR to 12.5%; Retains Other Parameters Constant

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Thursday, May 28, 2020  03:05 PM / Proshare Research/ Header Image Credit:  CBN


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The Monetary Policy Committee (MPC) concluded its one-day policy meeting today.

 

The Committee members which were faced with the hard choices of reducing or leaving policy parameters unchanged unanimously elected to reduce the benchmark interest rate by 100 basis points.

 

At the end of the meeting, the Committee reached the following decisions

 

  1. Reduces Monetary Policy Rate (MPR) to 12.5% from 13.5%;
  2. Retains asymmetric corridor around the MPR at +200/-500bps;
  3. Retains Cash Reserves Ratio (CRR) at 27.5%; and
  4. Retains Liquidity Ratio (LR) at 30.0%.

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