Nigeria cbank explains MRR rise to 14.5%

The perceived excess liquidity in the financial system, which seems to defy all solutions, has been fingered as the reason why the Minimum Rediscount Rate (MRR) was raised from 14 to 14.5 per cent last week [Jan. 22- 26, 2000], according to the Vanguard Daily. The governor of the Central Bank of Nigeria (CBN), Dr. Joseph Sanusi said the MRR level had to be jerked up to correspondingly increase the interest rate.

According to him, the increase in interest rate will make money more expensive, a

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