For Old Naira Notes, CBN Insists No Deadline Extension, Increases Interest Rate To 17.5%

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has stated that the apex financial institution will now no longer expand the January 31, 2023 cut-off date for the antique model of the redesigned higher-denominations of the Naira notes to give up to feature as felony tenders.

The CBN governor stated approximately N1.5trillion have been recovered from stream as at closing week. He expects that earlier than the January 31 date, as much as N2 trillion might were gathered from stream.

Mr Emefiele stated the financial institution had intensified efforts to make sure the switch of the antique and new notes.

READ MORE: Senate Urges CBN to Extend Old Naira Notes Deadline to July 31

He disclosed this on Tuesday after the assembly of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria in Abuja.

Meanwhile, the MPC has persevered in its competitive degree to tame inflation through growing legit hobby charge through every other one hundred foundation points. By that, the financial coverage charge changed into improved from 16.5% to 17.5%. The committee held different parameters across the MPR.

Addressing newshounds on the quit of its assembly, CBN governor, Emefiele stated the little drop in inflation charge to 21.36% in December changed into now no longer sufficient to preserve or lessen the hobby charge


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