Nigeria MPC - Policy rate changes again; Increases MPR to 12%

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Tuesday, March 22, 2016 3:15PM /Cardinal Stone Research

The Monetary Policy Committee (MPC) meeting has just been concluded with key policy decisions as follows:

         The benchmark interest rate (MPR) increased by 100bps from 11% to 12% with the asymmetric corridor adjusted to +200bps and -500bps (previously: +200bps and -700bps);

         The Cash Reserve Ratio (CRR) increased from 20% to 22.5%; and

         The Liquidity Ratio retained at 30%

There was no clear decision on the exchange rate policy.

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