Key Points from CBN Governor, Godwin Emefiele’s Press Briefing on Thursday 28th May, 2020

These are the Key Points from the Central Bank of Nigeria Governor, Mr. Godwin Emefiele’s Press Briefing on Thursday 28th May, 2020.

  • CBN cuts policy rate by 100 basis points to 12.5 %, maintains other parameters constant.
  • Emefiele wants aggressive reopening of economy as soon as lockdown eases post-COVID19
  • Emefiele insists there is no better time than now for Nigeria to follow through with monetary and fiscal policies aimed at diversification.
  • CBN retains CRR at 27.50 per cent
  • CBN retains liquidity ratio at 30 per cent
  • CBN retains Asymmetric Window at +200 and -500 basis points around the MPR
  • Emefiele warns against speculation in the forex market
  • Emefiele discloses that sale of FOREX to BDCs will resume once there is a resumption of full economic activities
  • Emefiele: “While we are trying to save lives, we must also save livelihoods”
  • Emefiele expresses hope that the Nigerian economy may not slide into recession if the third quarter growth returns positive through the aggressive reopening of businesses

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