The Olayemi Cardoso-led monetary committee has hiked rates four times this year by 800 basis points to 26.75 percent from 18.75 percent to fight galloping inflation. This aggressive tightening cycle began in February with a 400 basis point hike, followed by additional increases of 200 basis points in March ,150 basis points in May and 50 basis point in June.
The asymmetric corridor is adjusted around the MPR from +100 to -300 to +500 to -100 basis points.
the Cash Reserve Ratio (CRR) of deposit money banks at 45% and merchant banks at 14% and retained the Liquidity Ratio at 30%.
The MPC is the highest policy-making organ of the apex bank. It provides monetary policies and benchmarks, which determine the direction of the financial services sector, and the economy to a large extent.