By Akin Akinremi
Contrary to expectations that the Monetary Policy Committee (MPC) would approve a radical change in the monetary policy, the committee headed by Central Bank of Nigeria Governor Godwin Emefiele, retained MPR and CRR at 11per cent and 20 per cent respectively.
Rising from the Monetary Policy Meeting on Tuesday afternoon in Abuja, the CBN did not tamper with the MPR and CRR rates as they were retained at 11 per cent and 20 per cent respectively.
The symmetric corridor also remained at 200 basis points around the MPR to an asymmetric corridor of +200 basis points and -700 basis point, around the MPR.
Many analysts had expected the MPC to tamper with the rates following the persistent slide in the value of the Naira. Even the withdrawal of the $10,000 supply available for the Bureau De Change operators did not help matters as rather than stem the slide of the naira, it simply went on a free fall reaching N305 to $1 after the withdrawal.