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Nigeria’s Central Bank Says Monetary Policy Rate Remains 13.5%

Unic Press UK: Central Bank of Nigeria (CBN) said Tuesday that its Monetary Policy Rate (MPR) remains at 13.5 per cent; and that all other policy parameters remain constants, including CRR being retained at 22.5 per cent and Liquidity Ratio at 30 per cent.

In a communiqué signed by the CBN governor Godwin I. Emefiele, and issued after the Monetary Policy Committee meeting on Monday 25th and Tuesday 26th November 2019, the CBN said its decision follows an appraisal of the “developments in both the global and domestic economies, as well as the outlook for the rest of the year and the first quarter of 2020.”

On the global economic front, the CBN said global output growth remained weak in the light of the adverse impact of the trade war between the United States and the People’s Republic of China and the uncertainty around Brexit – the United Kingdom moves to exit the European Union.

On the domestic economic front, the Monetary Policy Committee noted the headline inflation trend from 11.24 in September to 11.61 per cent in October 2019. On the Gross Domestic Product, “data from the National Bureau of Statistics (NBS) showed that real Gross Domestic Product (GDP) grew by 2.28 per cent in the third quarter of 2019, compared with 2.12 and 1.81 per cent in the preceding and corresponding quarters, respectively,” the communiqué reads.

 

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