Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) on Friday increased credit reserve ratio (CRR) for banks to 27.5 per cent from 22.5 per cent.
This according to Governor of the bank, Godwin Emefiele was to address monetary policy-induced inflation.
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Addressing the press shortly after the end of first MPC meeting for 2020, Emefiele disclosed, however, that members voted unanimously to retain other rates.
Thus monetary policy rate (MPR) was retained at 13.5 per cent; liquidity ratio at 30 per cent and asymmetry corridor at +200 and -500 basis points around MPR
and then