The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), to 27.65 per cent.
This is an increase of 1.4 per cent from 26.25 per cent the last time.
The MPR benchmarks interest rates in an economy and every other interest rate used within the economy is built on it.
CBN governor, Olayemi Cardoso, announced the rate adjustment on Tuesday at the end of the committee’s 296th meeting in Abuja.
Last week, the National Bureau of Statistics (NBS) said headline inflation rose to 34.19 per cent, largely driven by increase in food prices.
The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 per centwhile that of merchant banks was put at 14 per cent.
The liquidity ratio was also pegged at 30 per cent.
