The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%. This was disclosed by Governor, CBN, Godwin Emefiele, while reading the communique at the end of the MPC meeting.
READ MORE: China lends helping hand, as Nigeria seeks support to curb coronavirus
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged. According to the MPC, the decision to hold all rates constant was largely driven by the outbreak of COVID-19 that has largely disrupted the global economy, as Nigeria faces a crunch test following crash in oil price.
Emefiele further noted that the current pandemic may lead Nigeria into another round of recession.