CBN fine-tunes framework for forex management, retains Monetary Policy Rate at 11%

Posted by News Express | 27 January 2016 | 3,500 times

The Central Bank of Nigeria (CBN) has announced that it is fine-tuning the framework for foreign exchange management to ensure a more effective and liquid foreign exchange market.

CBN Governor Godwin Emefiele made the announcement yesterday as the Monetary Policy Committee (MPC) rose from its monthly meeting.

Emefiele said that there is need to improve the supply of foreign exchange to the market, especially from autonomous sources and maintain stability in the naira exchange rate.

He said that Nigeria is the only country where the apex bank sells to the bureau the change and as such the effect of the stoppage will not last too long.

The Governor disclosed that the MPC agreed to maintain the Monetary Policy Rate (MPR) at 11% as well and the Cash Reserve Ratio (CRR) at 20%.

He said that the apex bank is also maintaining the asymmetric corridor of +200 basis points and -700 basis points around the MPR.

•Photo shows CBN Gov. Emefiele.

Source: News Express