The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate to 17.5 percent in order to tame inflation in the country.
The Governor of CBN, Mr. Godwin Emefiele, who announced this, this on Tuesday at the end of the first 2023 Monetary Policy Committee (MPC) meeting in Abuja,said that although the effects of past policy decision were being felt in the reduction of the rate of inflation, the result was not yet good enough to hold or reduce the MPR.
He also emphasized that there would be no extension of the January 31 deadline for the Naira redesign policy.
He also said all those who had the old notes had enough time to take them to the bank or swap them for the new ones within the time frame.
He also dismissed claims that CBN was holding N89 trillion Stamp Duty fund.
According to him,only N370. 386 billion had been collected through Deposit Money Banks since the policy became effective in 2016.
