The Central Bank of Nigeria (CBN) Announced an Increase in the Monetary Policy Rate (MPR) to 17.5%

On Tuesday, the Central Bank of Nigeria (CBN) announced an increase in the Monetary Policy Rate (MPR) from 16.5% to 17.5%. This decision was made during the Monetary Policy Committee (MPC) meeting held in Abuja. Additionally, the CBN Governor, Mr. Godwin Emefiele, stated that the January 31st, 2023 deadline for the return of old Naira notes as part of the currency redesign program will not be changed and remains in effect.

Emefiele, the CBN Governor, clarified that the allegations of missing N89 trillion in stamp duty collections against the CBN are false. According to records, banks have only collected N370.68 billion between 2016 and the present. The decision to raise the Monetary Policy Rate (MPR) to 17.5% was made to curb inflation.

More information to come…

Source: ThisDay Live

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