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 percent from 18.75 percent.

Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday.

“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 per cent from 18.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to 700 from plus 100 to 300 basis points,” he said.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.

With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.

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