Governor of the Central Bank, Mr Godwin Emefiele says that the apex bank has retained the monetary policy rate at 12.5 per cent while speaking at the end of CBN’s Monetary Policy Committee meeting on Monday July 20.
Emefiele disclosed that other parameters were held constant, leaving the CRR at 27.5% and the liquidity ratio at 30%.
“Available data from the National Bureau of Statistics showed that real Growth Domestic Product (GDP) grew marginally by 1.87 per cent in the first quarter of 2020 compared with the 2.25 per cent and 2.10 per cent in the proceeding and corresponding quarters of 2019.
“The performance was largely driven by 5.06 per cent growth in the oil sector and 1.55 growths in the non-oil sector. The decline in output growth in the first quarter was largely attributed to the decline in the oil prices and the shock from the COVID-19 pandemic.
“The Committee observed the gradual but persistent decline in the manufacturing and non-Manufacturing Purchasing Indices below the benchmarks. 10 members of the committee were in attendance.”