Making this known after a meeting of its Monetary Policy Committee (MPC), Governor Godwin Emefiele stated that the CBN would keep the naira foreign exchange rate stable despite a sharp fall of the currency on the parallel market due to shortages of dollars.
Nigeria, Africa’s biggest economy and the continent’s top oil producer, is going through its worst economic crisis in years due to the sharp drop in crude prices. The oil sector accounts for around 70 percent of national income.[pro_ad_display_adzone id=”70560″]
“The MPC voted to raise MPR by 100 basis points from 11 percent to 12 percent, raise the CRR by 250 basis points from 20 percent to 22.5 percent, retain liquidity ratio at 30 percent,” said Emefiele.
He cited the state of the economy and rising inflation, which is above the central bank’s target band of 6 to 9 percent.