Ahead of today’s Monetary Policy Committee meeting, a financial analyst has said the Central Bank of Nigeria is expected to retain the Monetary Policy Rate.
The apex bank had at its meeting in May retained the MPR at 11.5 per cent, the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
The committee also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
The asymmetric corridor of +100/-700 basis points around the MPR was also retained by the committee.
Speaking on the outcome of the forthcoming meeting, a former President, Association of National Accountants of Nigeria, Sam Nzekwe, said: “I don’t expect any change because nothing has seriously changed.
“Until Nigeria starts to produce, any change will be in the short run. But in the long run, it will come back to its original position.
“Until there is enabling environment for the productive sector and we start producing and attract both foreign and local investor, it becomes difficult; so, we need to address all the challenges because the economy is just producing marginally.”
The CBN, ahead of the MPC meeting, had reiterated the resilience, safety and soundness of Deposit Money Banks and other financial institutions under its supervision.
The acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, over the weekend in Abuja said the Nigerian banking system has proved to be very sturdy in spite of the global challenges posed by the coronavirus pandemic.