CBN Has Advised FG Over Fresh Lockdown as it Retains Interest Rate at 11.5%.


NewsOnline Nigeria reports that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday advised the Federal Government not to consider another round of lockdown.


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This online news platform understands that CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.


Emefiele noted that that the Bank will work with the fiscal authorities to revamp the economy by collaborating on policy implementation.

Emefiele also disclosed that the CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

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The CBN governor said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

According to Emefiele, the CBN owns 60 percent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard


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At the end of the meeting, Godwin Emefiele, announced that the committee unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.



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Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.

Details shortly…