As part of efforts to contain the nation’s inflation, the Central Bank of Nigeria (CBN) has raised its benchmark lending rate to 18 percent.

The CBN Governor, Godwin Emefiele, disclosed this on Tuesday while reading the communiqué of the second MPC meeting.

He said the committee also pegged the liquidity ratio at thirty percent.

According to Emefiele, the tightening of the rate is expected to curtail inflation currently put at twenty-one percent.

On naira redesign, Emefiele explained that the bank aligns itself with the Supreme Court’s judgement as the redesigned currency in circulation is about one trillion naira.

He added that the bank will continue to pump more currency into the system, but with caution.