Nigeria: CBN Raises MPR to 17.5%

24 January 2023

*Insists January 31 deadline for return of old naira notes stands

The Central Bank of Nigeria (CBN) Tuesday raised the Monetary Policy Rate (MPR) by 100 basis points to 17.5 per cent from 16.5 per cent.

Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Mr. Godwin Emefiele, also said the January 31, 2023 deadline for the return of the old naira notes following the currency redesign programme remained sacrosanct and would not be shifted.

Emefiele, also clarified that contrary to the allegations of missing N89 trillion in stamp duty collections against the CBN, records show that only N370.68 billion had been collected by banks between 2016 till date.

However, the CBN governor said the decision to further tighten monetary policy was taken to reign in inflation.

Details later...

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