The Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from 18.75%.
Governor of the CBN, Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday.
Cardoso who chairs the MPC also said the Cash Reserve Ratio (CRR) has been raised to 45% while the liquidity ratio was left unchanged at 30%.