The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...