The CBN policy setting committee of the has raised the monetary policy rate (MPR), which measures interest rate, by 100 basis points, from 15.1 percent to 16.5 percent.

This is coming after the National Bureau of Statistics report that Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices.

After the meeting, the CBN Governor, Godwin Emefiele gave a summary of the decisions of the MPC saying the committee noted that tightening will help restore investors’ confidence whilst curbing higher rate of inflation.

The CEO of Financial Derivatives Bismarck Rewane suggested more ways to tackle inflation in the country while reacting to the outcome of the MPC meeting in an interview.