 In the monetary policy committee of the central bank of Nigeria, CBN has hiked the benchmark interest rate by 200 basis points to 24.75%. This is according to a communique by the CBN Governor Yemi Kadozo after the second NPC meeting of his tenure in Apuja. The new interest rate is a jump from the 22.75% announced by the NPC about a month ago. It is the second rate hiked by the current committee in two months. The committee's decisions are as follows. One, raise the MPR by 200 basis points to 24.75% from 22.75%. Two, adjust the asymmetric corridor around the MPR at plus 100 to 300 basis points to minus 300 basis points. Three, retain the cash reserve ratio of deposit money banks at 45%. Four, adjust the cash reserve ratio of merchant banks from 10% to 14%. And five, retain the liquidity ratio at 30%. Considerations. The considerations of the committee at this meeting focused on the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability. These considerations underscore the importance of the CBN's commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that purchasing power of ordinary Nigerians is restored in the short to medium term. Members noted the continued rise in headline inflation driven largely by food prices because of supply shortages and high costs of logistics and distribution. The committee therefore was of the view that addressing food insecurity is key to containing current inflationary pressures.