In an effort to control inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate to 17.5 per cent.
The Governor of CBN, Mr Godwin Emefiele, disclosed this, this afternoon, at the end of the first 2023 Monetary Policy Committee (MPC) meeting in Abuja.
Although the consequences of prior policy decisions were being seen in the rate of inflation reduction, he claimed that the outcome was not yet satisfactory to hold or lower the MPR.
The CBN boss reaffirmed that the January 31 deadline for the Naira redesign strategy will not be extended.
He claimed that everyone who held old notes had sufficient time to exchange them for new ones or take them to a bank within the allotted time.
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CBN governor said: ”I’m sorry, but I’m afraid I don’t have any positive news for those who think we should postpone the deadline.
The explanation is that those who still own old currency (Naira notes) should have adequate time to deposit it in the banks within 90 days (we believe it should be 100 days).
The CBN was not holding the alleged N89 trillion Stamp Duty fund, according to Mr Emefiele.
Since the policy’s implementation in 2016, just N370. 386 billion had been received through deposit money banks, he said.