The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 per cent from 18.75 per cent.

The Governor of the CBN, YEMI CARDOSO announced this after the first MPC meeting for the year in Abuja.

CARDODO said the new MPR is part of moves to tackle the country’s inflation which currently stands at 29.90 per cent.

The Governor of the CBN who chairs the MPC also said the Cash Reserve Ratio has been raised to forty-five per cent while the liquidity ratio was left unchanged at thirty per cent.