COVID-19: ‘Fresh lockdown will hurt Nigeria’s economy’, CBN tells FG


The Central Bank of Nigeria (CBN) on Tuesday asked the Presidential Task Force on COVID-19 to shelve any idea of imposing a fresh lockdown in view of the increasing number of daily cases, insisting that such will do irreparable damage to the nation’s economy.

CBN Governor Godwin Emefiele made the disclosure in Abuja at the end of the first Monetary Policy Committee meeting of the bank in 2021.
Emefiele said the Bank will work with the fiscal authorities to revamp the economy by collaborating on policy implementation.
Emefiele also disclosed that the CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

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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
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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