The Central Bank of Nigeria released a communique on September 18th listing steps that were taken to shield the economy from the impact of the US credit crunch. The major decisions were:

1. To reduce the MPR from 10.25 per cent to 9.75 per cent;
2. To reduce CRR from 4 per cent to 2 per cent with immediate
   effect;
3. To reduce the liquidity ratio from 40 per cent to 30 per cent;
4. To allow repo transactions against eligible securities for 90 days,
   180 days and 360 days; and
5. To the CBN will now buy and sell securities through the twoway
   quotes.

You can read the full details here:[Download not found]

Also find attached the CBN’s report for July 2008 as well as the slides from the CBN Governor’s speech on the interest rate levels in Nigeria:

[Download not found]
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