He said the meeting also decided to increase the Monetary Policy Rate by 100 basis point from 12% to 13%. The MPR is the rate which banks borrow from CBN to cover their immediate cash shortfalls.
The Governor noted that there was an increase in Cash Reserve Ratio on private sector deposits by 500 basis point from 15% to 20%.
After the devaluation of Naira, it was noticed on 26th of November that the value of Naira has even became weaker as it already fell to N176.85 against one dollar.
Value of Naira to Dollar is now at 0.0057.