The Central Bank of Nigeria (CBN) Monetary Policy Committee has decided to further raise interest rate by 50 basis points from 26.75% to 27.25%; raise Cash Reserve Ratio (CRR) by 50 basis points from 45% to 50% for Deposit Money Banks (DMBs) and from 14% to 16% for Merchant Banks.
The committee retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
The Governor of the CBN who doubles as the Chairman of the MPC disclosed this at the end of the MPC meeting held in Abuja.
Details shortly
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