The Monetary Policy Committee of the Central Bank of Nigeria rose from its 307th meeting on Tuesday surprising the investment community by cutting the benchmark interest rate by 350 basis points from 26.5 per cent which it has been since February this year to 23 per cent .
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It also reset the corridor around the MPR at +50bps/-300bps, whi8lst retaining the Cash Reserve Requirement for commercial banks at 45 per cent, merchant banks at 16 per cent and 75 per cent for Non-TSA public sector deposits.
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