The Monetary Policy Committee of the Central Bank of Nigeria (CBN) don increase the benchmark interest rate by 400 basis points, and e don reach record level of 22.75% from 18.75%. The decision come after the two-day first MPC meeting for the year wey happen for Abuja.

CBN Governor, Olayemi Cardoso, talk say the committee vote to make the asymmetric corridor around the MPR to be +100 to -700, from the previous +100 to -300 basis points.

Dem also raise the cash reserve ratio from 32.5% to 45% as part of their effort to tackle the rising inflation for the country.

The CBN Governor talk say the apex bank don pay additional $400 million of genuine Forex backlog to those wey dem identify, and dem don commit to clear the remaining owed genuine businesses.