Nigeria, March 26 -- The Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation.

The central bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday.

According to the National Bureau of Statistics, the country's latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent a month prior, primarily fueled by a continuous surge in food prices.

Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per ...