ABUJA — The Central Bank of Nigeria's Monetary Policy Committee has cut the Monetary Policy Rate by 350 basis points to 23 per cent from 26.5 per cent at its meeting of 21 and 22 September. It kept the cash reserve ratio at 45 per cent for commercial banks and 16 per cent for merchant banks. Inflation fell to 15.39 per cent in August. Muda Yusuf of the Centre for the Promotion of Private Enterprise supported the decision, while economist Marcel Okeke criticised it.