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Nigeria’s dollar bonds were among the top gainers after the country’s central bank surprised financial markets by raising borrowing costs to a fresh record high to quell inflation.
The Central Bank of Nigeria (CBN) raised its Monetary Policy Rate(MPR) by 50 basis points to 27.25 per cent from 26.75 per cent.
The MPC also raised the Cash Reserve Ratio (CRR) by 50 basis points from 45% to 50% for Deposit Money Banks (DMBs) and from 14% to 16% for Merchant Banks.
The committee retained the Liquidity Ratio (LR) at 30% and the Asymmetric Corridor at +500/-100 basis points around the MPR.
