Forex uncertainty worries businesses as CBN retains 12.5% interest rate

It also held all other monetary policy parameters constant, as the bank stated that its interventions in the economy were yielding positive results.

Emefiele said the committee also noted that increasing MPR at the current stage of the economy would be counter-intuitive and would result in upward pressure on market rates and cost of production. “In summary, the MPC voted to retain the MPR at 12.5 per cent; retain the asymmetric corridor of +200/-500 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

He said, “Given the plethora of monetary and fiscal measures recently deployed to address the impending economic crisis, following the COVID-19 outbreak, it would be a relatively cautious option to hold. He said the committee noted at this meeting that the economic fundamentals had marginally improved by the end of June 2020.

He said the committee also noted the positive impact of the various fiscal and monetary interventions on households, small and medium enterprises and manufacturing sectors.

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