CBN Retains MPR At 13.5%, Says Coronavirus May Lead Nigeria Into Recession

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%.

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Read also: Bauchi Governor, Bala Mohammed Tests Positive for COVID-19

According to the MPC, the decision to hold all rates constant was largely driven by the outbreak of COVID-19 that has largely disrupted the global economy, as Nigeria faces a crunch test following crash in oil price.nigeria

Emefiele further noted that the current pandemic may lead Nigeria into another round of recession.

Emefiele said the Committee also left the Asymmetric Window at +200 and -500 basis points around the MPR.

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