The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) by 0.50 per cent to 18.50 per cent.

This was made known by Godwin Emefiele, the Governor of the CBN, on Wednesday while addressing newsmen in Abuja.

According to him, the move to raise the benchmark interest rate is to curb inflation.

Announcing the committee’s decision, Emefiele said, “MPC was of the view that although the inflation rate moderated marginally in December, the economy remained confronted with the risk of high inflation with adverse consequences on the general standards of living.

“Committee, therefore, decided to sustain the current stance of policy at this point in time to further rein in inflation aggressively.

“MPC voted to raise the MPR to 17.5%, retain the asymmetric at +100/-700 basis points around the corridor.”