CBN MPC Retains MPR and Liquidity Ratio; Raises CRR to 27.5% In First Meeting of 2020

MPC Surprisingly Lowers Rate by 100bps to 11.50%
The Monetary Policy Committee (MPC) concluded its two-day policy meeting today. The committee agreed to raise the cash reserve ratio to 27.5% (from the previous rate of 22.5%) while holding all other policy parameters constant as follows; 
  • The benchmark interest rate (MPR) was held at 13.50%
  • The asymmetric corridor retained at +200bps and -500bps around the MPR
  • The Liquidity Ratio retained at 30.00%