CBN retains MPR, CRR at 12% and Liquidity Ratio at 30%

Central Bank of Nigeria CBN at the end its monthly Monetary Policy Committee MPC meeting took a drastic decision of retaining the Monetary Policy Ratio MPR, Cash Reserve Requirement CRR at 12% and Liquidity Ratio at 30% with Net Open Position at 1%.

The Committee also expressed satisfaction with the relative robust output growth projection for 2013 despite the slowing global economy, corruption and insecurity challenges.

Addressing Journalists at the end of the 2 days meeting held in Abuja, the Central Bank Governor, Sanusi Lamido Sanusi said the MPC members expressed concern at the declining contribution of the oil sector to the nation’s economy.

The Committee expressed satisfaction with the prevailing macroeconomic stability despite shocks from both external and domestic environment, a development which informed the tightening of the stance monetary policy.