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The Financial Coverage Committee (MPC) has left the benchmark Financial Coverage Charge (MPR) and different financial coverage instruments unchanged to spur financial development within the fourth quarter of the yr.

Naija Information experiences that the Governor of the Central Financial institution of Nigeria, Mr Godwin Emefiele who disclosed this resolution on Tuesday throughout a press convention on the finish of a two-day MPC assembly revealed that the committee unanimously voted to retain the MPR.

Naija information learnt that the CBN sustained the Financial Coverage Charge at 11.5 per cent. It additionally retained the Money Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

On the final MPC assembly in September, the committee diminished the MPR from 12.5 per cent to 11.5 per cent.

That is coming as Nigeria entered second recession in 5 years as official figures printed on Saturday present that the economic system shrank once more within the third quarter of this yr.

This yr’s recession, occasioned by the financial fallout of the COVID-19 pandemic, is worse than that of 2016.

The Nationwide Bureau of Statistics, in its Gross Home Product report for Q3, mentioned the GDP, the broadest measure of financial prosperity, fell by 3.62 within the three months to September.

Economists contemplate two consecutive quarters of shrinking GDP because the technical definition of a recession.

For the primary time in additional than three years, the Nigerian economic system shrank within the second quarter of this yr because the GDP fell by 6.10 per cent, in contrast with a development of 1.87 per cent in Q1.

The NBS had mentioned in August that the financial decline in Q2 was largely attributable to considerably decrease ranges of each home and worldwide financial exercise ensuing from nationwide shutdown efforts aimed toward containing the COVID-19 pandemic.