Why CBN retained monetary policy rates - Emefiele - Premium Times Nigeria

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday explained why it opted to retain all monetary policy rates despite wide expectations by financial analysts and economists for reviews.

The decision to leave the rates unchanged contradicted the expectations of most analysts who would have preferred a cut in MPR to encourage more lending to the real sector apparently blighted by the negative impact of the coronavirus pandemic on the global and Nigerian economy. On whether to loosen, the CBN governor said the MPC felt the decision would stimulate the economy in the short term, and boost aggregate supply and demand.

Again, he said the decision to hold the rates also took into consideration the subsisting Loan-to-deposit ratio and the deposit to cash reserve ratio policies to check excess liquidity in the banking system, which an adjustment in the MPR would be counter-productive. Some of the interventions, which would involve an injection of about N3.5 trillion to support the Nigerian economy, included the extension moratorium on loans by an additional year beginning from March 2020, to ease the pressure on loan repayments by organizations.

Government should thinks of how to compensate the citizens by credit their account through Bvn,instead of CBN talking of how they retained monetary policy cbnpaycitizenforsatyingathome

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING: Again, CBN retains benchmark lending rate at 13.5%
Source: MobilePunch - 🏆 8. / 63 Read more »

Coronavirus: What CBN, MPC should do to stabilise economy - ExpertsFinancial experts have proffered suggestions on what the CBN should do urgently to save the country’s economy blighted by the ravages of the coronavirus
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Why there are different punishments for rape, defilement – Daily TrustRhoda Prevail Tyoden is the Country Vice President/National President of the International Federation of Women Lawyers (FIDA), Nigeria. In this interview, she speaks about the reason for the disparity in punishments for rape offenders, the applicability of the Violence Against Persons (Prohibition) Act across gender and the Child Rights Act, among others.   Incidents of …
Source: Daily Trust - 🏆 13. / 51 Read more »

Covid-19: Why we must panicEvery day the number of confirmed cases and deaths arising from the dreaded coronavirus nicknamed COVID-19 is rising uncontrollably.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Why a one-size-fits-all approach to COVID-19 could have lethal consequencesNot all these measures are the same, and nor are preventive measures an all-or-nothing measure. Some degree of social distancing may be possible.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Why government should close wildlife markets – Daily TrustThe Nigeria Conservation Foundation (NCF) under its Save Vulture Campaign aimed at saving vultures from extinction in Africa said yesterday it was exploring strategies to ensure the closure of wildlife markets in Nigeria. The Project Lead for the campaign, Solomon Adefolu noted that the existence of the open wildlife market remains a challenge to the …
Source: Daily Trust - 🏆 13. / 51 Read more »