MPC retains Monetary Policy Rate at 11.5 per cent, takes other decisions

The Monetary Policy Committee (MPC) of the apex bank, Central Bank of Nigeria, CBN has decided to retain the Monetary Policy Rate (MPR) at 11.5%.
The announcement was made to the public by the  CBN Governor, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday
According to MPC, it has confidence in the ability of the commercial banks, adding that the banks are managing the economic situation of the country in the right direction
It urged the commercial banks to keep om using their existing administration to mop up excess liquidity from the economy.
It also resolved that the  asymmetric corridor of +100/-700 basis points should be around the MPR
CRR was also retained at 27.5% While Liquidity Ratio was also kept at 30%