CBN retains MPR at 14% as external reserve hits $30bn

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 14 per cent with asymmetric corridor of +200/500 basis points.

The CBN governor, Mr. Godwin Emefiele, who briefed the press at the end of Monetary Policy Committee (MPC) meeting in Abuja Monday, said all other policy parameters were also left at current levels.

He announced that the external reserve stood at $30.3 billion at the end of June, up from $29. 8 at the end of May. Responding to a question on the apex bank’s intervention in the Etisalat crisis, the governor said it was to avoid the loss of about 4, 000 jobs and to retain its 20 million subscriber base.

According to Emefiele, the company’s June revenue was not affected by the crisis, as it made N16 billion, which was about its normal monthly earnings. He said the company would soon be put on sale for another investor to buy, adding that the board and management put in place by the regulators have a mandate, not exceeding 180 days.

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