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The Central Bank of Nigeria’s Monetary Policy Committee has voted to retain the Monetary Policy Rate (MPR) at 14%.
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has allayed the fears of Nigerians and the international community over the inability to hold the meeting of the Monetary Policy Committee for January.
The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has said he expects Monetary Policy Committee, MPC, to retain interest rate at 14 per cent at next week’s MPC meeting.
As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.
Four commercial banks in the country are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the Central Bank of Nigeria’s Monetary Policy Committee have said in statements on the bank’s website.
Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country.