Don’t Lock Down Nigeria Again, CBN Warns FG, See Why

‘Dont Lockdown Nigeria again,’ Central Bank of Nigeria (CBN) has issued warnings to Federal government.

OnyxNews Nigeria reports that Monetary Policy Committee (MPC) of the Central Bank of Nigeria has urged the Federal Government not to think of another lockdown.

The Committee on Tuesday retained the interest rate at 11.5%.

The CBN Governor, Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.

The CBN governor said the Bank will work with the fiscal authorities to revive the economy by collaborating on policy implementation.

Emefiele also revealed that the CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

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The CBN governor said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

Emefiele said that, the CBN owns 60 percent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard

At the end of the meeting, Godwin Emefiele, announced that the committee unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.