Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by four hundred basis points to from 18.75% to 22.75%.
The apex bank Governor, Yemi Cardoso. announced this after the first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday.
The governor added that the MPC also raised the Cash Reserve Ratio (CRR) to forty-five per cent while the liquidity ratio was left unchanged at thirty per cent.
He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.
Details soon…