CBN REVIEWS KEY MONETARY POLICIES

The Central Bank of Nigeria has reduced the monetary policy rates(MPR) from thirteen to eleven percent and the Cash Reserve Ratio(CRR) from twenty-five to twenty percent while the asymmetric corridor is plus two hundred basic points or minus seven hundred basic points.

The Central Bank Governor, Godwin Emefiele disclosed this today in Abuja  at a news conference to highlight  major decisions taken at the monetary policy committee meeting.

He said the policy review to loosen liquidity was to ensure that excess liquidity in the system is channelled to the real sector to stimulate growth, employment and economic development.

The apex bank Governor, however warned that banks who refused to comply with the  directive to channel excess liquidity to the real sectors, infrastructural development  and agriculture,  will be severely sanctioned.

Sumbo

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