The Central Bank of Nigeria’s has increased benchmark interest rate from 11.5 per cent to 13 per cent tame the rising inflation.

The Governor of the Central Bank, Godwin Emefiele, revealed this while reading the communique of the Monetary Policy Committee’s 142nd meeting.

The increase which represents 150 basis point according to Governor Emefiele is to moderate inflation rate in the country.

The CBN governor, however, said the rate on development finance loans will remain at 5 percent till 2023.

The MPC however left all other policies unchanged.

Details shortly….