A Review of the Nigerian Energy Industry

CBN Board increases forex from N155/$ to N168/$

Central-Bank-of-Nigeria-CBN*MPR increased by 1%

25 November 2014, Sweetcrude, Lagos – The board of the Central Bank of Nigeria, CBN, has wrapped up a two days Monetary Policy Committee, MPC, meeting and made the following key resolutions;
· Monetary Policy Rate (MPR) – Increase from 12% to 13%
· SDF and SLF corridor – Unchanged at 2%
· Private Sector Cash Reserve Ratio (CRR) – Increase from 15% to 20%
· Public Sector Cash Reserve Ratio (CRR) – Unchanged at 75%
· Official Exchange Rate – Increase from N155/$ to N168/$
· Guidance corridor for exchange rate – increase from 3% to %
· FX Trading NOP Limit – Unchanged at 1%

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