MPC Stays Hawkish - Raises MPR Sharply 

Monetary economists believe that inflation is mainly a result of excessive money supply. Their prescribed antidote to spiralling inflation is an increase in interest rates to rein in the money supply. The monetary policy committee of Nigeria has bought into the monetarist ideology by increasing the policy rate by 150 basis points (bps), much higher than anticipated. The cumulative increase in interest rates is now 750bps in 2024.