CBN Advises Against Total Lockdown As COVID-19 Infections Soar

The Central Bank of Nigeria (CBN) has advised against complete lockdown of the economy as a way of curbing the second wave of the COVID-19 pandemic.

The apex bank also retained the Monetary Policy Rate (MPR) at 11.5 per cent, the Cash Reserve Ratio (CRR) at 27.5 per cent, the Liquidity Ratio (LR) at 30 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.

CBN Governor, Godwin Emefiele disclosed this at the just-concluded meeting of the bank’s Monetary Policy Committee (MPC) on Tuesday in Abuja.