The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the interest rate by 400 basis point from 18.5 percent to 22.5 percent.

CBN governor Yemi Cardoso disclosed the decision of the meeting on Tuesday, February 27.

He said the committee raised the MPR by 400 basis points to 22.75 percent and adjusted the asymmetric corridor at +100 and -700 basis points from +100 basis points and -300 basis points around the MPR stating the move will curb the inflation.

On inflation, Cardoso said the rate of change in prices of goods and services rose to 29.9 percent in January 2024, from 28.92 percent in December 2023