The monetary policy committee of the Central Bank of Nigeria (CBN) on Tuesday unanimously voted to let the monetary policy rate remain at 13.5%.
Making the announcement after the two-day meeting of the committee, the apex bank governor and chairman of the committee, said the decision was reached to allow previously announced interventions time to permeate the economy and allow pandemic to wear out itself.
Emefiele also said the MPC resolved through a unanimous vote to retain the Liquidity Ratio at 30 per cent, while Cash Reserve Requirement (CRR) was left unchanged at 27.5 per cent.
According to him, the decision of the committee to retain the controlling rates was informed by the need to observe the impact of steps already taken under a massive intervention plan to save the economy from COVID-19 pressures.
He said, “Any attempt to adjust the monetary policy fundamentals in any direction – upwards or downwards – will distort and undermine the effort already made through the recent N3 trillion stimulus plan by the Central Bank.”
The impact of coronavirus, the CBN boss said, was not only capable of plunging the world into a health crisis, but also instigating a major economic crisis.
The apex bank earlier in the month unveiled sets of interventions to mitigate the negative impact of the dreaded virus on Nigerian businesses and the economy.
Nigeria currently has 42 cases of coronavirus with one death.