Uche Usim, Abuja
As countries worldwide wrestle with the COVID-19 pandemic, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has advised the Federal Government to take all steps necessary to safeguard the country by preventing further spread of the scourge.
This was as the committee retained all key monetary policy parameters.
MPC Chairman and CBN governor Mr Godwin Emefiele, who read out the committee’s decisions in a live telecast on Tuesday after its second meeting in 2020, explained that the novel coronavirus pandemic remains a battle that must be won because it comes with health and economic catastrophes.
MPC LIVE PRESS BRIEFING CBN https://t.co/RpYZwvxigr
— Central Bank of Nigeria (@cenbank) March 24, 2020
He noted that early defeat of the dreaded disease will lead to quick recovery of global economies that are already trudging towards recession.
Emefiele said all the stimulus packages unveiled by the monetary authorities will be impotent if COVID-19 was not contained.
He further revealed that the MPC held all money policy parameters, beginning with the Monetary Policy Rate (MPR) at 13.5%, liquidity ratio at 30%, Cash Reserve Ratio (CRR) at to 27.5% and the asymmetric corridor at +200 and -500 basis point around the MPR”.
#CBNMPC holds rate and other parameters constant. #CBNMPC votes unanimously to retain MPR at 13.5 percent.#CBNMPC retains Asymmetric corridor at +200 and -500 basis points around MPR.#CBNMPC retains CRR at 27.5 percent and liquidity Ratio at 30 percent.
— Central Bank of Nigeria (@cenbank) March 24, 2020