MPC Maintains Status Quo

Proshare

Tuesday, September 20, 2016 2.55pm / Cordros Capital

At the end of its 252nd meeting (fifth this year), the Central Bank of Nigeria's Monetary Policy Committee (MPC) – still faced with the challenges of a severely weakened macroeconomic landscape, accentuated by stagflation dilemma, declining economic and business activities, and overall recessionary trend – voted to maintain status quo by retaining the:  

1.       Monetary Policy Rate (MPR) at 14.0%;

2.       Asymmetric corridor around the MPR at +200/-500bps;

3.       Cash Reserves Ratio (CRR) at 22.5%; and

4.       Liquidity Ratio (LR) at 30.0%;


The Committee's decision came in line with consensus, as shown by a Bloomberg-compiled median estimate of 14.0% for the MPR.

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