The Central Bank of Nigeria’s policy-setting committee has decided to raise the monetary policy rate (MPR), which is used to measure interest rate, from 17.5 percent to 18 percent. Governor Godwin Emefiele made the announcement on Tuesday, March 21, during the second MPC meeting. He also noted that the liquidity ratio has been set at 30 percent. The increase in the rate is expected to help reduce inflation, which is currently at 21 percent. This is the second time this year that the CBN has raised the benchmark rate.