At the end of the rescheduled meeting at the CBN headquarter in Abuja, the MPC opted to retain lending rate, also called monetary policy rate at 13.5 per cent, with asymmetric corridor at +200/-500 basis points around the MPR. The liquidity ratio was left at 30 per cent.
The CRR is the quantum of cash or total deposit of the customers, which commercial banks hold as reserves either in cash or as deposits with the central bank for lending to customers.In line with its policy to encourage the banks to make more money from their deposits available for lending to customers, particularly micro, small and medium enterprises , the CBN has reviewed the applicable loans-to-deposit rate .
In justifying the policy review, the CBN said increasing the minimum LDR of commercial banks was aimed at compelling banks to boost their credit capacity, mainly to agricultural entrepreneurs and farmers, small-and-medium-size businesses and consumers.
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