The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 12.50% for the third quarter of the year.
Naija news Understands that the CBN, Godwin Emefiele who made this known while reading the communique at the end of the MPC meeting earlier today revealed that the Cash Reserve Ratio (CRR) remained at 27.5%, Liquidity ratio at 30%.
Emefiele explained that eight members of the committee voted in favour of holding the MPR, while two members wanted it reduced. According to the MPC, the decision to hold all rates constant was largely driven by the effect of the outbreak of COVID-19 that has largely disrupted the global economy.
#CBN MPC votes to hold parameters constant
— Central Bank of Nigeria (@cenbank) July 20, 2020
However, in a fresh development, The federal government has so far released the sum of ₦995.665 billion for capital expenditure, to implement the 2020 revised budget.