The Central Bank of Nigeria (CBN) has reaffirmed its stance not to extend the deadline of January 31 from suspending the use of old naira notes as legal tender.
CBN Governor, Godwin Emefiele disclosed this at the end of the first Monetary Policy Committee (MPC) meeting in Abuja.
He said the apex bank has and will not consider extending the deadline as such commercial banks have been directed to operate at weeks in order to meet the pressure of the decision.
The apex bank Governor noted that CBN has set in place policy and machinery for currency swap in rural area to enable every Nigerian irrespective of their location to meet up with the deadline.
Meanwhile, the Central Bank of Nigeria has increased the Monetary Policy Rate to seventeen point five percent (17.5%) from sixteen points five percent (16.5%) which represents a hundred basis points.
The Asymmetric Corridor was left at plus one hundred (+100) and minus seven hundred (-700) basis points around the Monetary Policy Rate.
The Monetary Policy Committee (MPC) however, retains the Cash Reserve Ratio (CRR) at thirty two point five percent (32.5%) and the Liquidity Ratio at thirty percent (thirty percent).
The CBN Governor, Godwin Emefiele attributed the MPC’s decision to the forthcoming elections and other variables that could have adverse affect on the economy.
