At its 296th meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), raised the monetary policy rate (MPR) by 50 basis points to 26.75% from 26.25%.

The Committee adjusted the asymmetric corridor around the MPR to +500/-100 from +100/300 basis points, and maintained the cash reserve ratio of deposit banks at 45.00% and investment banks at 14%, while maintaining the liquidity ratio at 30.00%. For the governor of the CBN style="font-family: "Bookman Old Style”, "serif">, Olayemi Cardoso, the Committee's decision was guided by some important facts, adding that he was aware of the effect of the rising prices on households and businesses and expressed his determination to take the necessary measures to control inflation. According to him, “during its review, the Committee noted the persistence of food inflation, which continues to undermine price stability. It was observed that, although monetary policy has moderated global demand, rising food and energy costs continue to exert upward pressure on price developments. Insecurity in food production areas and the high cost of transporting agricultural products also contribute to this trend. Members therefore did not ignore the urgent interest in addressing these challenges, as this will offer a lasting solution to the continuing pressure on food prices.”