The Central Bank of Nigeria, CBN, has raised the monetary policy rate, MPR, by 400 basis points to a record 22.75 percent.
The last time the MPR was raised was under Acting CBN Governor Folashodun Sonubi, who raised it to 18.75 percent, from 18.5 perecent by the embattled former CBN Governor, Godwin Emefiele.
The new rate is the first under Yemi Cardoso whose appointment and other members of the Monetary Policy Committee, MPC, was confirmed last week by the Nigerian Senate.
The CBN Governor is holding the Committee meeting for the first time since he was appointed by President Bola Ahmed Tinubu.
