CBN raises Interest Rate to 17.5%, insists January 31 deadline for old naira notes remains

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The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

The CBN Governor, Godwin Emefiele announced this after the apex bank’s first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

The MPC also retained Cash Reserve Ratio (CRR) by 32.5% while liquidity ratio is kept at 30%.

The CBN also said its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.

According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He also said the time given for the swap of the old naira notes with new ones were enough for Nigerians to go to commercial banks and get new notes.

 

More details later…

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