The Central Bank of Nigeria (CBN) has increased the benchmark interest rate, the Monetary Policy Rate (MPR), by 400 basis points to 22.75 per cent from 18.75 percent in order to rein in inflation.
Also, the Monetary Policy Committee (MPC) of the CBN at the end of its meeting on Tuesday, raised the Cash Reserve Ratio (CRR) to 45 per cent, and retained Liquidity Ratio at 30 per cent.
The MPC also announced the adoption of an inflation-targeting framework to control rising inflation.
Announcing this, CBN Governor Yemi Cardoso urged deposit money banks (DMBs) to increase their capital base to be able to withstand the headwinds.
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