The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 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 percent while the liquidity ratio was left unchanged at thirty percent.
He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.
More to come…
Credit: naijanews.com
