Nigeria’s MPC hikes interest rate by 50bps to 27.25%

The Monetary Policy Committee of the Central Bank of Nigeria has raised the monetary policy rate by 50 basis points to 27.25 per cent. After a 2-day monetary policy meeting, the CBN further retained the asymmetric corridor around the MPR at +500bps/-100bps, raised the CRR for deposit money banks by 500 basis points to 50 per cent, raised the CRR for merchant banks by 200 basis points to 16 per cent and retained the liquidity ratio at 30 per cent.