The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate, which measures interest rates by 50 basis points, from 26.25 per cent to 26.75 per cent amid soaring inflation and skyrocketing food prices.

CBN Governor, OLAYEMI CARDOSO, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja.

The MPC also retained the Cash Reserve Ratio of deposit money banks at 45 per cent and merchant banks at 14 per cent and retained the Liquidity Ratio at 30 per cent.

CARDOSO said the committee was mindful of the effect of rising prices on households and businesses and expressed its resolve to take necessary measures to bring inflation under control.

The MPC, however, worried that food inflation and rising energy costs continued to undermine price stability.