The CBN Governor, Godwin Emefiele has in today’s Monetary Policy Committee (MPC) Briefing announced that the monetary policy rate will remain at 12.5%.
There were two members of the MPR pushing for the rate to be reduced, but eight members of the committee formed the majority that voted for the retention of the rate to be kept at 12.5%.
The Cash Reserve Ratio (CRR) was also retained at 27.5 percent, with liquidity ratio at 30 percent, and the Asymmetric Corridor was kept at +200/-500 basis points.
According to him, the interest rate increased to 2.64% in June from 2.47% in May and the major drivers for this included the Manufacturing, Consumer credits, Information Technology sectors and a few other sectors.
He also announced that a new initiative has been introduced tagged the Gold Mining Development Initiative to promote local mining of Gold to help boost the economy.
