Central Bank of Nigeria MPC to Meet in January 2010

Started by MyWorld, Dec 14, 2009, 10:58 PM


Central Bank of Nigeria (CBN) has scheduled its Monetary Policy Committee (MPC) meeting between January 4th – 5th 2010, being the 1st meeting of the reconstituted Committee. At the 212th meeting, the apex bank plans to develop monetary policy for 2010, as well as map-out the Foreign Trade and Exchange Rate Policy Guidelines for 2010 - 2011.

CBN maintained its key interest rate at 6.0% during its MPC meeting of November 3, 2009. It also left the standing lending facility rate at 200 basis points (bpts) over the policy rate, while the rate on deposit facility was revised from 200bpts to 400bpts below the MPR.

CBN also planned to establish an Asset Management Company (AMC) to purchase banks' toxic assets to enhance asset quality, improve liquidity and capital adequacy.