February 8, 2023
Godwin Emefiele-CBN Governor

To control inflation, the Central Bank of Nigeria (CBN) increased the monetary policy rate to 17.5 percent.

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, announced this afternoon after the first 2023 Monetary Policy Committee (MPC) meeting in Abuja.

Although the effects of prior policy decisions were seen in the rate of inflation reduction, he claimed that the outcome still needed to be satisfactory to hold or lower the MPR.

He reaffirmed that the January 31 deadline for the Naira redesign policy would not be extended.

He 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.

“I must say that, regrettably, I don’t have good news for those who feel we should shift the deadline, My apologies,” Emefiele said.

The explanation is that those who possess old currency (Naira notes) should have enough time to deposit it in banks (we believe 100 days should be sufficient).

The CBN’s claim to have $1.8 trillion in Stamp Duty funds was also refuted by Mr. Emefiele.

He clarified that, since the policy went into effect in 2016, only N370. 386 billion had been collected through deposit money banks.

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