In an effort to contain inflationary pressures, the Monetary Policy Committee (MPC) of the ”, "Serif">Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) to 18.5% from 18% previously.

The Monetary Policy Committee (MPC) kept the Cash Reserve Ratio (CRR) unchanged at 32.5% and the liquidity ratio at 30%. It also retained the asymmetric corridor at +100/-700 basis points around the MPR. The CBN aims to influence borrowing costs, regulate liquidity, and encourage responsible lending practices. Against a background of soaring food prices, the inflation rate in Nigeria last week reached 22.22%