To rein in continuous inflationary pressure in the economy, the Monetary Policy Committee (MPC) of the Central Bank on Tuesday, raised the lending rate by 400 basis points, thus keeping MPR at 22.75 percent from the previous position of 18.75 percent .
It also adjusted Cash Reserves upward to 45 percent from 32.5 percent while liquidity ratio is retained at 30 percent.
CBN governor Mr. Olayemi Cardoso confirmed the figures to journalists at the end of the two day MPC meeting in Abuja.
Mr. Cardoso presided over his maiden MPC meeting as a governor of CBN said inflation and price stability had become concern of every Nigerian.
