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CBN’s MPC Retains MPR At 11.5%

The Monetary Policy Committee ( MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 11.5%

CBN Governor, Godwin Emefiele, made the disclosure at a press briefing on Tuesday.

He said the MPC also voted to retain other parameters.

Liquidity Ratio was retained at 30% and CRR at 27.5%.

The decisions were taken at the 276th Meeting of the MPC in Abuja.

They come days after the National Bureau of Statistics (NBS) disclosed that Nigeria had slipped into another recession after the economy shrank in the third quarter of 2020.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020 stands at -2.48 per cent.

Emefiele said the committee focused not only on price stability, but the need to drive the country out of recession.

The CBN chief said the economy is expected to recover by 2020.

He urged financial institutions to increase their credit to the agricultural sector.

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