MPR Raised by CBN to 17.5% to Curb Inflation – Emefiele
The Monetary Policy Rate has been increased by the Central Bank of Nigeria (CBN) to 17.5 percent in an effort to control inflation.
At the conclusion of the first Monetary Policy Committee (MPC) meeting for 2023 in Abuja this afternoon, Mr. Godwin Emefiele, the Governor of the CBN, revealed this.
He claimed that although past policy decisions had an impact on the rate of inflation, the outcome was still insufficient to hold the MPR steady or lower it.
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Additionally, he emphasized that the January 31 deadline for the Naira redesign policy will not be postponed.
The CBN boss claimed that everyone who still had old notes had time to exchange them for new ones or take them to the bank before the deadline.
“Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies,” Emefiele stated.
The CBN governor said: “The reason is that 90 days should be sufficient for those who hold the old currency (Naira notes) to deposit it to the banks,” the author explains.
Additionally, Mr. Emefiele denied reports that the CBN had the N89 trillion Stamp Duty Fund.
He clarified that, since the program went into action in 2016, only N370. 386 billion had been received through deposit money banks.
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