The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has explained the effect of the latest interest rate by the Central Bank of Nigeria (CBN) on Nigerians.
The economist was a guest on Channels Television’s News @10 on Tuesday, hours after the apex bank raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.
The MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.
The MPC also retained the Cash Reserve Ratio (CRR) of deposit money banks at 45% and merchant banks at 14% and retained the Liquidity Ratio at 30%.
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