CBN Retains MPR At 11%

The Central Bank of
Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 11 per cent.
The CBN Governor, Mr Godwin Emefiele  announced this recently while speaking on the fixing of the MPR.
In an NTA programme monitored by our correspondent recently, the CBN governor declined to give details of the new frame work.
“My apology is that you did not get that at this meeting, but I am sure in the course of time you will begin to see some of our effort that we have put in place to finetune the foreign exchange market” he said.
According to Emefiele, the CBN has been able to provide some flexibility in the market and also deepened the market so that business could go the way it is supposed to be.
The CBN governor also explained that the restriction of 41 items in the forex market has some impact on the economy.
“Production of fish in Nigeria has also gone up, a lot of people are embracing the production and sale of catfish”, he said.
He said because the country had limited resources it was important to prioritise them for the general good of the citizenry.
It would be recalled that the monetary policy committee in its last meeting in November 2015 had dropped the NPR from 13 per cent to 11 per cent.