OGUN – Dr Titus Okunrounmu, former Director, Research Department, Central Bank of Nigeria (CBN), has lauded the Monetary Policy Committee (MPC) for cutting interest rate by 50 basis points.
Okunrounmu gave the commendation in an interview with newsmen on Wednesday in Ota.
He said that the MPC’s decision to lower the rates was good and in the right direction to help the economy recover fully.
“I think the policy is in the right direction aimed at stabilising the inflation rate.” the ex-director said.Okurounmu, however, advised the MPC to implement more policies to further bring down the prices of goods and services in order to stimulate economic growth.
Reports that the MPC at its 304th meeting held from Feb. 23 to Feb. 24 in Abuja, cut the MPR by 50 basis points representing 26.50 per cent.
The committee also adjusted the asymmetric corridor to +50/-450 basis points around the MPR, retained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 per cent and 16 per cent for Merchant Banks, and maintained the Liquidity Ratio at 30 per cent.(NAN)
