The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday, announced a tightening of monetary policy by increasing its rate by 100 bases point from 11% to 12%.
The Governor, Central Bank of Nigeria (CBN) brought the notice to newsmen on Tuesday. He said the decision was made following the committee's concern that the excess liquidity in the banking system was contributing to the current pressure in the foreign exchange market.
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