The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 400 basis points to a record 22.75% from 18.75 percent.

Addressing journalists at the end of the two-day first MPC meeting of the year in Abuja, CBN Governor, Olayemi Cardoso, disclosed that the committee voted to adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points and raised the cash reserve ratio from 32.5 percent to 45 percent as part of moves to tackle the country’s rising inflation.

(cue in: CBN GOV ON MPC DECISION)

Our Correspondent, Raliat Adenekan reports that the CBN Governor revealed that the apex bank has paid additional $400 million of genuine Forex backlog to those identified, committing to clear remaining owed genuine businesses.

(cue in: CBN GOV ON FX BACKLOG)