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MPC Meeting Ends With Rates Unchanged

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The Central Bank’s Monetary Policy Committee meeting which began on Monday ended on Tuesday, November 22 with all key indicators retained.

At the end of the meeting, the ten member committee, led by CBN Governor, Godwin Emefiele, briefed journalists on the outcome of their dialogue.

The committee agreed to keep the Monetary Policy Rate at 14 per cent, the Cash Reserve Ratio at 22.50 per cent and the Liquidity Ratio at 30 per cent.

Asymmetry Corridor is maintained at +200 and -500 basis point.

Analysts’ consensus had projected that the committee was not likely to announce any policy changes.

The financial markets also looked forward to the regulator’s assessment on the impact of monetary tightening and the flexible forex policy on foreign inflows into the economy.

The CBN had earlier denied plans to amend the Foreign Exchange Act.

In a statement, the regulator said that it remained committed to safeguarding the international value of the country’s legal tender.

It added that the plans of a 20% fine for any holder and confiscation of funds in domiciliary accounts of individuals is not true.

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