Godwin Emefiele, the Governor of Central Nigeria, disclosed this during the MPC communiqué presentation and Analysis. He explained that the decision is to curtail the rising inflation in Nigeria. He stated that increasing the MPR rates are potent because the inflationary pressures confronting the nation is a global phenomenon and it started in 2022. In March, the policy-setting committee raised the MPR from 17.5 to 18 per cent in February to tackle inflation. However, despite the continued hike of MPR since last year May, the inflation of Nigeria had increased to 22.22 per cent in April 2023, according to the National Bureau of Statistics. The MPR is the baseline interest rate in an economy on which other interest rates within that economy are built.