Nigeria's Central Bank Aggressively Hikes Rates to Curb Inflation and Strengthen Naira
- Central Bank of Nigeria raised benchmark interest rate by 400 basis points to a record 22.75%
- CBN adjusted asymmetric corridor around MPR to +100 to -700 basis points
- Cash reserve ratio raised from 32.5% to 45%
- Liquidity ratio retained at 30%
- Interest rate hikes intended to control inflation and strengthen the naira
