The Monetary Policy Committee(MPC) of the Central Bank of Nigeria(CBN) has concluded its quarterly meeting held on July 22 and 23. The committee has decided to keep the interest rate at 13.5 per cent as it has been for a while now.
The CBN uses the Monetary policy rate as a tool to keep inflation low and price stable.
“CBN MPC votes to hold all parameters constant on 23/7/19 to allow full impact of measures taken already,” the apex bank announced on Tuesday afternoon .
The CBN added that the MPC had voted unanimously to retain MPR at 13.5 percent, retain Asymmetric corridor at +200 and -500 basis points around MPR and retain CRR at 22.5 percent and liquidity Ratio at 30 percent.
Meanwhile, the CBN Governor Godwin Emefiele insisted CBN will stop access of milk importers to forex from Nigeria’s forex market soon. He also said CBN is not in a hurry to reduce MPR but targeting the reduction of inflation to single digit.