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The Central Bank of Nigeria has announced raising of the Monetary Policy Rate (MPR), which measures interest rate, to 15.5 percent from 14 percent, in order to tame rising inflation.

CBN Governor, Godwin Emefiele, said this on Tuesday after a Monetary Policy Committee meeting in Abuja. He stated that, “The committee voted unanimously to raise the MPR…The MPC voted to raise the MPR to 15.5, retain the asymmetric corridor at +100 -700 basis points around the MPR. Increase the Cash Reserve Ratio (CRR) to a minimum of 32.5% and retain liquidity ratio at 30%.”

The National Bureau of Statistics (NBS) had said in their report this month, that the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022. That mean it is up from 19.64 percent in the previous month. The rate is the highest since October 2005.