The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has voted to retain the Monetary Policy Rate (MPR) at 11.5 percent.
The committee also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
Speaking at the end of the two-day MPC meeting on Tuesday in Abuja, CBN Governor, Godwin Emefiele said there is a concession among members to continue to focus on consolidation of recovery process by taking those actions that would continue to stimulate output growth, create employment.
He urged Nigerians not to panic, noting that there is enough forex for business owners, travellers and parents with students abroad to meet their obligations.
He said $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities.
“Part of the measures that we have adopted is that on a weekly basis, the CBN disburses not less than $80m to the banks either for Personal Travel Allowances or payment of school fees.
“We have created a complaint desk where you can call us or call some of our people who will respond. It is like call centres, where people can call that they went to a particular bank and they didn’t get money to pay school fees or they didn’t get money to travel,” he explained.
