Ex-ANAN president urges CBN to adjust MPR, CRR

A Financial Analyst, Dr. Samuel Nzekwe, has advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to make little adjustment in the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) of Deposit Money Banks.

Nzekwe, a former president of the Association of National Accountants of Nigeria (ANAN), gave the advice while speaking in Ota, Ogun, on Sunday.

He spoke against the backdrop of his expectations for the forthcoming two-day MPC meeting, which would kick off on Monday.

Supreme News reports that the MPC will be holding its two-day meeting in Abuja on Monday and Tuesday to deliberate on the key monetary instruments.

The ex-ANAN boss stressed the need for the MPC of the apex bank to make a little adjustment in the CRR of the Deposit Money Banks.

Nzekwe noted that the MPC also needed to look at the interest rates of banks to attract new investors into the banking sector.

“MPR is one of the economic tools to reduce the inflation rate, but unfortunately, this measure has not been able to stem the nation’s inflationary trend,” he said.

He said that reducing MPR for Money Deposit Banks would create more business activity and boost the economic growth of the country.