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

By on March 20, 2013

The 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, Dr Sanusi Lamido Sanusi. said the MPC members expressed concern at the declining contribution of the oil sector to the nations economy.

The situation he said  has become apparent in the second half of 2011 continued in Q4 of 2012, adding that the crude oil production including condensate and natural gas liquid decreased by 37,000 barrel pay day (BPD) in February 2013 to 2.035 million BPD compared with the level of 2.072 million BPD attained in december,2012 .

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.

 

[Daily Times]