Again, CBN insists 31 January deadline for old naira notes is sacrosanct

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Again, CBN insists 31 January deadline for old naira notes is sacrosanct

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Tuesday said there will be no extension for the deadline to halt the use of the old 200, 500 and 1000 Naira notes.

POLITICS NIGERIA reports that Emefiele said this during the CBN/Monetary Policy Committee (MPC) briefing in Abuja.

“For those who feel we should shift the deadline; my apologies,” I don’t have a good news for you, Emefiele said.

“The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.”

This newspaper reports that the deadline for the termination of the old Naira notes as legal tender is January 31st, 2023.

Also at the meeting, the CBN raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

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