Home About the NESG Media Room Events Blog
Research Membership Volunteer Platforms Resources (Nigerian Policies and Summit Reports)

Follow Us:

TW  FB  IN  IG  YT

Research Document: NESG MPC Alert May 2020


Alerts and Uploads

Posted Wed, Jun 3, 2020 1:05 PM

Download Report (832 downloads)

The Central Bank of Nigeria (CBN) Monetary Policy Committee held its third meeting for the year 2020 on May 28. The MPC members met at a time when COVID-19 - that emanated from the Wuhan City of China as a mere health crisis - has plunged almost all countries of the world into an unprecedented economic crisis.1 At the meeting, 7 out of 10 committee members voted for a cut in MPR by 100 basis points (bps) to 12.5%. Two members voted for a 150bps reduction in the benchmark interest rate, while one member voted for a 200bps cut in MPR. However, there was a unanimous agreement to keep other monetary policy parameters unchanged as follows: Cash Reserve Ratio (CRR) at 27.5%, liquidity ratio at 30%, and an asymmetric corridor of +200/-500 basis points around the MPR. This is the second time in over a year that the MPC would shift towards an accommodative monetary policy stance. 

Find a report

Quick Links

Say Hello

info@nesgroup.org

Call Us

+234 1 2952849, 2952003

On Location

LAGOS
The Summit House 6, Oba Elegushi Close, off Oba Adeyinka Oyekan Avenue, Ikoyi, Lagos, Nigeria

ABUJA
4th Floor, Unity Bank Tower Plot 785, Herbert Macaulay Way, Abuja, Nigeria.

The Nigerian Economic Summit Group is a non-profit, non-partisan private-sector led think tank with a mandate to promote and champion the reform of the Nigerian economy into a modern globally competitive, sustainable, inclusive, open economy.

Quick Links

Email Us

info@nesgroup.org

Call Us

+234 1 2952849, 2952003

Find Us

LAGOS
The Summit House 6, Oba Elegushi Close, off Oba Adeyinka Oyekan Avenue, Ikoyi, Lagos, Nigeria

ABUJA
4th Floor, Unity Bank Tower Plot 785, Herbert Macaulay Way, Abuja, Nigeria.

© 2025 Nigeria Economic Summit Group.
All rights reserved.
All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).

2025 © The Nigerian Economic Summit Group.

All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).