TheLink News reports that in amplified efforts to curb overrising inflation, the Central Bank of Nigeria yesterday raised The Monetary Policy Rate (MPR). The benchmark interest rate has gone up by 400 Basis points to 22.75 Percent, from 18.75 Percent. The apex bank also adjusted the asymmetric corridor around the MPR to +100/-700 basis points from +100/-300 basis points. The Central Bank equally raised its Cash Reserve Requirement (CRR) to 45 percent, from 32.5 percent, and retained the liquidity ratio at 30 percent. The CBN governor, Olayemi Cardoso, disclosed the changes while addressing journalists at the end of the two-day meeting of the Monetary Policy Committee (MPC).
