The Central Bank of Nigeria, CBN has raised its benchmark interest rate, the Monetary Policy Rate MPR to 22.75 per cent.
This represents 400 basis points from the current 18.75 percent.
The apex bank Governor, Yemi Cardoso. announced this after the first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday.
Cardoso also said 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.
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