Economy

CBN to restructure commodity exchange, retains interest rate at 11.5%

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The CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.

The CBN governor said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

According to Emefiele, the CBN owns 60 percent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria also urged the Federal Government not to consider another round of lockdown.

The CBN governor said the Bank will work with the fiscal authorities to revamp the economy by collaborating on policy implementation.

At the end of the meeting, Godwin Emefiele, announced that the committee unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.

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