CBN MPC votes to reduce MPR by 100 basis points from 12.5 per cent to 11.5 per cent

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Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has reduced MPR by 100 basis points from 12.5 per cent to 11.5 per cent.

The MPC also adjusted Asymmetric Window from +200/-500 to +100 and -700 basis points around the MPR.

The CBN MPC further retained CRR at 27.50 per cent and liquidity ratio at 30 per cent.

CBN Governor, Mr Godwin Emefiele disclosed this while briefing the press,Tuesday, on decisions of the Monetary Policy Committee (MPC).

He said strategic health of Nigerian banks remained strong and able to support the Nigerian economy.

Emefiele further stated that total loans in the Nigerian banking sector rose from N15 trillion in June 2019 to N19.33 trillion in August 2020.

He said that the total assets in the banking sector also rose from N38 trillion in June 2019 to N48 trillion in August 2020.

The CBN Governor added that the Non-Performing Loans (NPLs) in Nigeria’s banking sector dropped from 9.4 percent in June 2019 to 6.1 per cent in August 2020.

He disclosed that there was available funding, at low interest rates, for business owners in Nigeria, through their banks.

Emefiele reiterated the need to diversify Nigeria’s economy to grow its foreign revenue base.

The CBN Governor urged Nigerians to support the local production and consumption of food items in which the country has comparative advantage.

MPC restated commitment to complement fiscal policy with a view to restarting growth post-COVID 19.

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