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. 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.
The #CBN Governor, Mr. Godwin #Emefiele, will be briefing
the press at 2:00pm (Nigerian time) today, Tuesday 24th
March, 2020, on the decisions of the Monetary Policy
Committee (MPC). Join us live at @cenbank on Twitter
— Central Bank of Nigeria (@cenbank) March 24, 2020
Emefiele further noted that the current pandemic may lead Nigeria into another round of recession.