CBN increases interest rate to 22.75% as inflation bites harder

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 percent, up from 18.75 percent.

Governor of the Central Bank of Nigeria, Yemi Cardoso, said this following the first MPC meeting of the year on Tuesday in Abuja.

The MPC also boosted the Cash Reserve Ratio (CRR) to forty-five percent, while the liquidity ratio remained at thirty percent