The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate by 50 basis points from 26.25 per cent to 26.75 per cent.

The Governor of the bank, Mr. Olayemi Cardoso disclosed this at an ongoing press conference to announce the outcome of the just concluded Monetary Policy Committee meeting in Abuja.

The bank set new Asymmetric Corridor of +500/-100 from +100/-300 around the MPR; Cash Reserve Ratio of 45 percent for Deposit Money Banks and 14 per cent for Merchant Banks , while Liquidity Ratio was left at 30 per cent.

Mr. Cardoso disclosed that the Monetary Policy measures of the apex bank was yielding desired results with capital important at end of June recording $5. 92 billion.comparwd with $1.77 in the same. last year.

He said that the high inflation was of great concern to the MPC which noted the insecurity in food producing zones in the country which asked for urgent actions to address the problem.

Details later….