Era of high crude prices gone ―MPC

Rising from the March 2017 meeting of the Monetary Policy Committee (MPC), Central Bank of Nigeria on Tuesday advised Nigerians to forget any hope of a return of an era of higher crude oil prices.

At the end of the meeting, the committee voted to maintain all the existing rates.

The Monetary Policy Rate (MPR), the rate which forms the basis upon which banks lends to customers was retained at 14 per cent, Liquidity Ratio of banks at 30 per cent, Credit Reserve Ratio at 22.5 percent and also left the Asymmetric Corridor at +200 and -500 basis points around MPR.

Addressing journalists on the outcome of the meeting, Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, disclosed that foreign exchange inflows and outflows into CBN declined in February.

Nonetheless, external reserves grew to around $31billion as at Tuesday this week.

The committee urged a speedy implementation of Economic Recovery and Growth Plan with clear timelines.