Wednesday, 8 April 2009

Surprise cut in Nigeria benchmark interest rate

Nigeria cut its benchmark interest rate to 8.0 percent from 9.75 percent. The Monetary Policy Committee reduced the reserve requirement to 1 percent from 2 and lowered the liquidity ratio for banks to 25 percent from 30.

Liquidity is an issue for the banking sector right now with interbank lending rates at 18 percent.

1 comment:

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