The Central Bank of Nigeria (CBN) has raised the Monetary Policy rate by 50 basis points to 27.25 from 26.75 per cent.
The committee also retained the asymmetric corridor to +500 and -100, and raised the cash reserve ratio from 45 per cent to 50 per cent.
Briefing newsmen at the end of the 297th MPC in Abuja, the CBN Governor, Olayemi Cardoso, said the committee was unanimous in further Tightening of monetary policy. 11 of the 12 members were in attendance.
