Don’t Tamper With Revised Oil Benchmark, CBN Warns NASS

As the impact of the Coronavirus kicks in, the Central Bank of Nigeria (CBN) has warned the National Assembly (NASS) not to tamper with the revised oil benchmark of $30 per barrel.
The CBN Governor, Godwin Emefiele gave the warning in Abuja at the Monetary Policy Committee (MPC) briefing, yesterday.
Emefiele commended the fiscal authorities for reacting speedily to the threats posed to the economy by COVID-19 by slashing the 2020 by ¦ 1.5trillion and also pegging the crude oil benchmark price at $30 from $57.
The CBN governor then cautioned the legislators not to tamper with the new benchmark price as their past attempts have always been unrealistic.
After the bi-monthly meeting, Emefiele disclosed that members of the committee unanimously agreed to retain all the key rates and parameters changed.
By this development, MPC retained the Monetary Policy Rate (MPR) at 13.5 percent; +200/ -500 assymetric corridor around the MPR; Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio at 30 percent.
Also, the Monetary Policy Committee of the Central Bank of Nigeria, yesterday, retained the Monetary Policy Rate at 13.5 per cent.
The CBN Governor, Mr Godwin Emefiele, announced the decision of the Committee at the end of its two-day meeting held at the apex bank’s headquarters in Abuja.
He said all members of the committee agreed to retain the current monetary policy stance.
Disclosing the outcome of the meeting, the apex bank boss said the committee held the Cash Reserves Ratio at 27.5 per cent, while the Liquidity Ratio was left unchanged at 30 per cent.
Emefiele said the Committee also left the Asymmetric Window at +200 and -500 basis points around the MPR.