The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) by 200 basis points to a new unprecedented 24.75% at the end of its 294th meeting of the Monetary Policy Committee (MPC).
The decision announced by the CBN Governor, Yemi Cardoso, propels the MPR to its highest point ever, reaffirming the CBN’s aggressive stance on monetary tightening in response to inflationary pressures.
The Monetary Policy Committee (MPC) said to address Nigeria’s food crisis, the authorities have to deal with the issue of food insecurity and implement the federal government’s agricultural intervention programmes.
Revealing the decision on Tuesday in Abuja, CBN Governor, Olayemi Cardoso, said the committee also raised the Cash Reserve Ration (CRR) to +100 to -300 basis
CBN increased the interest rate by 400 basis points, taking the interest rate benchmark to 22.75 per cent from 18.75 per cent, a major tightening measure to tame Nigeria's high inflation currently at 30.70 per cent.
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