The Central Bank of Nigeria (CBN) yesterday announced that the loan-to-deposit ratio policy of the bank had raised loan advancement to agriculture and real sector to the tune of N1.1 trillion between June and October 2019.
Governor Godwin Emefiele, confirmed the figure yesterday in Abuja at the bi-monthly briefing of the bank’s Monetary Policy Committee (MPC) meeting.
He appealed to deposit money banks to lend more credit to agriculture and the real sector of the economy.
This appeal came after MPC members unanimously endorsed the retention of the interest rate at 13.5 per cent, besides all other key parameters such as Cash Reserve Ratio (CRR) was retained at 22.5 per cent, liquidity ratio at 30 per cent, and asymmetric corridor at +200 -500 basis point.
The CBN governor said the committee reviewed the upside and downside of option to tighten, loosen or hold.
Emefiele said while tightening might encourage capital flow, it also had downside consequence of tightening the already nascent recovery outlook growth.
He further explained that in holding policy at the current position, the committee noted the positive outcome of action already taken by the bank.
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