Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate to 27.50 per cent from 27.25 per cent as part of efforts to combat surging inflation. 

The CBN governor, Yemi Cardoso, announced this at the end of its last Monetary Policy Committee meeting in Abuja, making it the sixth rate hike this year.

Cardoso said the MPC voted unanimously to raise the Monetary Policy Rate by 25 basis points; and retain the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks.

The MPC also retained the Liquidity Ratio at 30% and Asymmetric Corridor at +500/-100 basis points around the Monetary Policy Rate.

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