Since July 2016, the Central Bank of Nigeria as part of its mandates retained the Monetary Policy Rate at 14 percent due to the country’s economic uncertainty. About thirty two months after, the apex bank finally adjusted the Monetary Policy Rate by fifty basis points, that is from 14 to 13. 5 percent while other variables like the Cash Reserve Ratio, Liquidity Ratio and the Assymetric corridor remained unchanged. Addressing a news in the Nigeria’s Capital Abuja, the CBN Governor Godwin Emefiele said the bank took the initiative due to the positive performance of the economy in recent times. He however, dispelled any fear of inflation or depreciation of the nation’s currency, the NAIRA.
